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Price Signal Summary - USDMXN Reversal Extends And Bulls Remain In Charge

LATAM FX
  • USDMXN has rallied sharply higher today extending the recovery that started last week. The pair has cleared both the 20- and 50-day EMAs and is also trading above the 19.00 handle. The next key short-term resistance is at 19.2906, the Feb 6 high. A break would pave the way for strength towards the 19.50 handle and 19.5882, the Dec 30 high. 18.5054, the Feb 24 high is the first support to watch.
  • USDBRL short-term conditions are unchanged and price structure appears bullish. A continuation of gains would open 5.3518 next, the 76.4% retracement of the Jan 4 - Feb 2 bear leg. On the downside, initial support to watch lies at 5.1012, the Mar 8 low. A break of this level would instead signal scope for a return to 4.9410, the Feb 2 low. The bull trigger is 5.3073, the Feb 10 high.
  • USDCLP breached the 800.00 handle last week. A continuation lower would expose support and the bear trigger at 776.28, the Feb 3 low. Clearance of this level would confirm a resumption of the broader downtrend and this would open 771.89, the Mar 29 2022 low. Key resistance has been defined at 836.45, the Feb 27 high, where a break is required to reinstate a bullish theme and highlights scope for a stronger recovery.
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