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Price Signal Summary: USDMXN Probes Key Resistance

LATAM FX
  • USDMXN maintains a firmer tone following recent strong gains from 20.1196, Oct 26 low. The move higher has cleared a number of key resistance points and key resistance at 20.9031, Oct 12 high has been probed. A clear break would signal scope for gains above 21.00. Further out, 21.1550 beckons, 76.4% retracement of the Mar - Jun sell-off. On the downside, initial support is seen at 20.4070, the 20-day EMA.
  • USDCLP remains below recent highs. The outlook is bullish and scope is seen for a climb towards 834.36, 76.4% of the Mar 2020 - May 2021 downleg. Clearance of this level would open 841.17, May 6 2020 high. The 50-day EMA, as a support, intersects at $797.71.

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