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Price Signal Summary: USDMXN Remains Below Resistance

LATAM FX
  • USDMXN continues to trade below resistance at 20.6378, the Apr 28 high. Recent attention has been on the potential for a stronger recovery, and the recent bounce from 20.0014, May 4 low, was encouraging for bulls. 20.6378 is the key short-term resistance and bull trigger. A break would set the scene for a climb towards 20.8028, 61.8% of the downleg between Mar 8 and Apr 4. A resumption of bearish activity however would instead expose key support at 19.7274, Apr 4 low. Initial firm support is at 20.0014, the May 4 low mentioned earlier.
  • USDBRL maintains a bullish short-term tone. Last week’s cycle high of 5.2090, May 12 high, confirmed a resumption of the uptrend that started Apr 5. Price remains above the 20- and 50-day EMAs and is eyeing resistance at 5.2190, the Mar 2 high, and 5.3083, 61.8% of the downleg between Dec 21 2021 and Apr 5. On the downside, firm short-term support is seen at 4.8597, the Apr 29 low.
  • USDCLP maintains a firmer tone despite pulling away from recent highs. Moving average studies remain in a bull mode and the bullish price sequence of higher highs and higher lows (since Mar 29) remains intact. The 860.00 handle has been cleared, this opens 876.15, the Dec 20 high and the next key resistance. Initial support lies at 848.32, the 20-day EMA.
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