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Price Signal Summary - USDMXN Remains In A Downtrend

LATAM FX
  • USDMXN remains in a downtrend and the pair is trading lower today. The latest sell-off confirms the end of the recent Nov 3 - 10 corrective bounce and the break of support at 17.2833, the Nov 3 low, confirms a resumption of the current bear cycle and opens 16.9988, the Sep 20 low. Clearance of this level would signal scope for a move towards 16.6262, the Jul 28 low. On the upside, a move above 17.9394, the Nov 10 high, would be a short-term bullish development and highlight a reversal. Initial resistance is at 17.5454, the 50-day EMA.
  • USDBRL is consolidating but remains in a downtrend. Recent weakness resulted in a clear break of 4.8590 support, the Nov 7 low. The move lower confirmed a resumption of the downtrend and signals scope for an extension towards 4.8200, 76.4% of the Jul 28 - Oct 6 upleg, and the 4.8000 handle. Initial firm resistance is at 4.9535, the Nov 10 high. A break of this level would ease bearish pressure.
  • USDCLP traded lower last week and the outlook remains bearish. Key short-term support at 873.00, the Nov 3 low, has been cleared. The break of this level has strengthened a bearish threat and signals scope for a deeper retracement towards 837.45, the Aug 25 low. For bulls, clearance of 924.67, the Nov 13 high, would expose key resistance at 955.00, the Oct 16 high. Initial resistance is at $893.46, the 50-day EMA.
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