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Price Signal Summary - USDMXN Remains Vulnerable

LATAM FX
  • The near-term outlook in USDMXN remains bearish following last week’s extension lower and price continues to trade closer to its recent lows. Support at 19.0401, the Nov 29 low, has been cleared and this confirms a resumption of the broader bear cycle that started in Nov 2021. The move lower opens 18.6301 next, the 1.500 projection of the Jul 14 - Sep 12 - Sep 28 price swing. On the upside, initial firm resistance is at 19.2092, the 20-day EMA.
  • USDBRL is trading close to its recent lows. Last week the pair extended the reversal from the Jan 4 high of 5.4787. The move leaves price trading inside a broad multi-month range. Support at 5.1183, the Dec 23 low, has been breached. The break exposes 5.0108, the Aug 29/30 low and a key support. On the upside, initial key resistance has been defined at 5.4787. First resistance is at 5.2521, the 50-day EMA.
  • The USDCLP outlook remains bearish. The extension lower last week confirms, once again, a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. The move signals scope for an extension towards 807.85, the Jun 3 low. A break would expose 800.00 and below. On the upside, initial resistance is seen at 848.18, the 20-day EMA.
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