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Price Signal Summary - USDMXN Remains In A Bear Cycle

LATAM FX
  • The USDMXN outlook remains bearish and the pair traded lower Monday as it extends the current bear leg. The pair last week cleared support at 19.7533, the Sep 12 low. The break confirmed the end of a period of consolidation that started mid-August. It has also confirmed a resumption of the downtrend that started Jul 14. The focus is on 19.4136, the May 30 low and 19.2802, 1.00 projection of the Jul 14 - Sep 12 - Sep 28 price swing. Key short-term resistance has been defined at 20.1759, the Oct 19 high. Initial resistance is at 19.8170, the 20-day EMA.
  • USDBRL remains soft. The pair traded sharply lower on Oct 31 and the short-term outlook remains bearish. A key short-term support at 5.1121, the Oct 4 low, has been cleared and this strengthens the current bearish threat. Attention turns to support at 5.0108, the Aug 29 / 30 lows. Clearance of this level would open 4.8853, the 76.4% retracement of the May 30 - Jul 21 upleg. Initial resistance is at 5.2483, today’s intraday high.
  • USDCLP remains below its recent high of 992.13 (Oct 21). The 50-day EMA has been breached. The break of this average signals potential for a deeper pullback and has exposed the 900.00 handle and 871.94, the Sep 9 low. Key resistance is at 996.97, the Sep 26 high. Clearance of this level would be bullish and open 1000.00 and 1061.00 further out, the Jul 14 high. Initial resistance is at 958.44, the Nov 3 high.
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