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Price Signal Summary - USDMXN Pullback Considered Corrective - For Now

LATAM FX
  • USDMXN traded higher Wednesday as the pair extended the recovery from 16.9988, the Sep 20 high. The pair has since pulled back, however, a bullish theme remains intact. Price recently traded through an important resistance at 17.4280, the Aug 4 high. This confirmed a double bottom reversal pattern on the daily chart. If correct, this price development signals scope for a climb towards 17.9292 next - 50.0% of the Mar 20 - Jul 28 downleg. On the downside, key support has been defined at 16.9988.
  • A bull cycle in USDBRL remains in play and the key pivot support at 4.8416, the Aug 10 low, is intact. A clear break of this level would threaten the bullish theme and expose key support at 4.6964, the Jul 28 low. The bull trigger at 5.0016, the Aug 18 high, was breached Wednesday and the clear break confirms a resumption of the uptrend and opens 5.1277, the May 31 high. Moving average studies remain in a bull-mode position - this highlights an uptrend. Initial support lies at 4.9429, the 20-day EMA.
  • USDCLP maintains a bullish tone following recent gains and the pair has traded to a fresh cycle high this week - breaching resistance at 903.23, the Sep 12 high. Moving average studies are in a bull-mode position too and a positive price sequence of higher highs and higher lows remains intact. Scope is seen for a climb towards $912.67, the 61.8% retracement of the Sep ‘22 - Feb ‘23 bear leg. A break of this level would open 926.51, the Nov 28 high. Key support is at the 50-day EMA - at 866.61. The 20-day EMA lies at 887.62.
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