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Price Signal Summary: USDMXN Remains Below Recent Highs

LATAM FX
  • USDMXN traded lower on Mar 9 and the pair is softer again today. The pullback is considered corrective however and short-term bullish conditions remain intact. Recent gains have resulted in a break of resistance at 20.9141, Jan 28 high. The break suggests scope for an extension higher - the focus is on 21.50 and 21.6836, 76.4% of the Nov 26 - Feb 23 downleg. Firm support is seen at 20.6484, the 50-day EMA. A break of this average would reinstate a bearish theme.
  • USDBRL traded to a fresh cycle low last week. Trend conditions remain bearish and further downside is likely near-term. A recent failure to hold above the 20-day EMA and subsequent reversal lower reinforces current trend conditions. Scope is seen for a move towards 4.8934, the Jun 25, 2021 low. Resistance is at 5.2190, the Mar 2 high.
  • USDCLP is unchanged and remains in a consolidation mode. The pair is trading below the Feb 24 high of 824.50. Trend conditions are bearish and short-term gains are considered corrective. The 50-day EMA at 811.60 has recently been probed but still offers a firm resistance area ahead of 832.75, the Feb 7 high. The bear trigger is 783.51, Feb 23 low. A break would open 783.23, 50.0% of the May - Dec 2021 upleg ahead of the 780.00 handle initially.
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