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Price Signal Summary - USDMXN Primary Downtrend Remains In Place

LATAM FX
  • Having cleared support last week through 16.9811, the Jul 5 low USDMXN confirmed a resumption of the primary downtrend. Price action marks a continuation of the bearish price sequence of lower lows and lower highs. Having traded as low as 16.69.46 on Tuesday, the focus on the downside turns to 16.4472, the 2.00 projection of the Jun 2 - Mar 9 - Mar 20 price swing. Resistance to watch remains at the 50-day EMA, which now intersects at 17.2973. This is a key short-term hurdle for bulls, where a clear break would signal a reversal.
  • USDBRL is consolidating and overall, the pair remains in a downtrend. For bears, the move lower on Jun 9 resulted in a break of 4.8859, the May 15 low and this confirmed a range breakout and a resumption of the medium-term downtrend. The climb between Jun 22 - Jul 6, appears to be a correction. A resumption of bearish activity would open 4.7490, the Jun 6 2022 low and 4.6910, the May 30 2022 low. A clear break the 50-day EMA at 5.8876 would signal a potential reversal.
  • USDCLP traded higher last week and pierced 815.47, the May 25 high, suggesting there may be scope for a climb towards 825.20, the Apr 10 high, ahead of the key short-term resistance at 837.15, the Mar 17 high. Initial key support has been defined at 794.09, the Jul 4 low.
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