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Price Signal Summary - USDMXN Remains Closer To Its Recent Lows

LATAM FX
  • USDMXN traded lower last week and the pair remains closer to its recent lows. Key support at 16.7852, the Jan 8 low, has been pierced. A clear break of this level would confirm a resumption of the downtrend and open 16.6262, the Jul 28 2023 low. On the upside, a reversal higher would refocus attention on 17.3860, the Jan 17 high and a bull trigger. Initial resistance is at 16.69850, the 20-day EMA.
  • USDBRL remains in a range but conditions are bullish and attention is on key resistance at 5.0017, the Jan 23 high. This level has recently been pierced. A clear break of this hurdle would open 5.0609, 61.8% of the Oct 6 - Dec 27 bear leg. Initial key support to watch lies at 4.9025, the Jan 26 low. A break would be bearish.
  • USDCLP trend conditions remain bullish and recent fresh cycle highs reinforce current conditions and confirm a resumption of the medium-term uptrend. The latest pullback appears - for now - to be a correction. Support at the 20-day EMA has been cleared. The next support to watch lies at 947.67, the 50-day EMA. For bulls, sights are on 996.97, the Sep 2022 high and the psychological 1000.00 handle.
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