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Price Signal Summary - USDMXN Path Of Least Resistance Remains Down

LATAM FX
  • The near-term outlook in {MX} USDMXN remains bearish and the pair is trading lower again today. Support at 19.0401, the Nov 29 low, has been cleared and this confirms a resumption of the broader bear cycle that started in Nov 2021. This opens 18.7835 next, the 1.382 projection of the Jul 14 - Sep 12 - Sep 28 price swing. The 1.50 projection sits at 18.6301. On the upside, key resistance has been defined at 19.5882, the Dec 30 high. Initial firm resistance is at 19.3549, the 20-day EMA.
  • {BZ} USDBRL extends the reversal from last week’s Jan 4 high of 5.4787. The move leaves price trading inside a broad multi-month range. From a short-term perspective, the focus is on support at 5.1183, the Dec 23 low. This level has been pierced, a clear break would expose 5.0108, the Aug 29/30 low. On the upside, initial key resistance has been defined at last week’s 5.4787 high. First resistance is at 5.2688, the 50-day EMA.
  • The {CL} USDCLP outlook remains bearish and the pair continues to trade lower. This confirms once again, a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. The move lower signals scope for an extension towards 807.85, the Jun 3 low. On the upside, initial resistance is seen at 857.91, the 20-day EMA.
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