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Price Signal Summary: USDMXN Pullback Considered Corrective

LATAM FX
  • USDMXN has pulled back from its recent high. The pair touched a fresh short-term peak last week of 20.6378, on Apr 28. A bullish theme remains intact - recent gains have resulted in a break of 20.1950, the Apr 6 high. Note too that a double bottom reversal pattern has also been confirmed on the daily chart, reinforcing a short-term bullish theme. Attention is on the 50.0% Fibonacci retracement of the Mar-Apr range, at 20.5975. This level has been probed, a clear break would open 20.8028, the 61.8% retracement. Key support has been defined at 19.7274, the Apr 4 low. A break would reinstate a bearish theme.
  • USDBRL remains above Friday’s low of 4.8597. The recovery from this low has resulted in a break of the Apr 28 high of 5.0448, to signal resumption of bullish activity. The move higher also threatens the recent dominant bear cycle - signalling potential for a stronger short-term bull cycle. This has opened 5.1689, the Mar 15 high. Initial support lies at 4.8597.
  • USDCLP maintains a firmer tone and is holding on to the bulk of its recent gains. The recent rally resulted in a break of resistance at 823.72, Apr 11 high, and this confirmed an extension of the current bull cycle that started Mar 29. Potential is seen for a climb above the 860.00 handle, which has been probed, to open 876.15, the Dec 20 high. Firm support has been defined at 799.53, the Apr 13 low. Initial support lies at 823.72.
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