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Price Signal Summary - USDMXN Recovers From its Recent Lows

LATAM FX
  • USDMXN has recovered from yesterday’s low. The recent move lower still appears to be a correction and trend conditions remain bullish - for now. Price recently traded through an important resistance at 17.4280, the Aug 4 high. The daily close above 17.4280 confirmed a double bottom reversal pattern on the daily chart. If correct, this signals scope for a climb towards 17.9292 next - 50.0% of the Mar 20 - Jul 28 downleg. On the downside, a resumption of weakness would signal scope for a steeper pullback towards major support that lies at 16.6262, the Jul 28 low.
  • A bull cycle in USDBRL remains in play and the key pivot support to watch is 4.8416, the Aug 10 low. 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 is unchanged at 5.0016, the Aug 18 high. Clearance of this level would confirm a resumption of the uptrend and open 5.1277, the May 31 high.
  • USDCLP maintains a bullish tone following recent gains. A key resistance at 872.75, the Aug 18 high, was cleared earlier this month. The break confirmed a resumption of the uptrend and has opened $912.67, the 61.8% retracement of the Sep ‘22 - Feb ‘23 bear leg. Key support is at the 50-day EMA - at 857.14. The 20-day EMA lies at 875.74.
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