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Price Signal Summary - USDMXN Remains Firm

LATAM FX
  • USDMXN is trading closer to this week’s highs. The trend condition appears to have reversed following the bounce off 19.0401 last week, Nov 29 low. Two important Japanese candlestick patterns have appeared on the daily chart recently; a hammer formation on Nov 29 and a bullish engulfing candle on Dec 2. Both patterns are bullish reversal signals and Monday’s follow through reinforces a bullish case. The 50-day EMA has been cleared and this opens 19.9920, 61.8% of the Sep 28 - Nov 29 bear leg. Key support lies at 19.0401. Initial support is at 19.3489, yesterday’s low.
  • USDBRL remains below its recent highs and the Nov 30 extension lower highlights a bearish threat. The pair recently breached resistance at 5.4286, the Sep 29 high and pierced 5.5142, the Jul 21 high and a medium-term bull trigger. A clear break of the latter is required to cancel a bearish theme and instead signal scope for a stronger move higher near-term. Initial firm support at 5.2445, the Nov 10 low, has been breached. The move lower exposes 5.0108, the Sep 29 / 30 low.
  • USDCLP continues to trade below its recent highs and traded lower last week. Resistance to watch is 958.44, the Nov 3 high. A break of this level would signal scope for a stronger recovery towards 996.97, the Sep 26 high. On the downside, key support and the bear trigger at 880.85, the Nov 11 low, has been pierced. Clearance of this support would open 849.75, the Sep 5 low.
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