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Price Signal Summary - USDMXN Short-Term Outlook Remains Bullish

LATAM FX
  • USDMXN has traded higher today but is off the day high. A bullish outlook remains intact. Recent gains highlight the fact that the pair failed to confirm a clear break of support at 19.8126, the Aug 15 low. Resistance at 20.2944, the Sep 1 high, has been breached. The clear break strengthens bullish conditions and opens 20.8335, the Aug 3 high. On the downside, initial support lies at 20.1213, the 50-day EMA.
  • USDBRL maintains a bullish tone and this week’s move higher has reinforced bullish conditions. Price has traded above 5.3098, the Sep16 high and this strengthens short-term bullish conditions. Note that the move higher has also delivered a print above 5.3157, the Aug 3 high - a positive development. Scope is seen for a climb towards 5.5142. Initial firm support has been defined at 5.1070, the Sep 22 low.
  • USDCLP maintains a firmer short-term tone. The contract is holding onto recent gains and has recently cleared resistance at 955.10, the Aug 22 high. The break strengthens bullish conditions and signals scope for a recovery towards 1000.00 and 1061.00 further out, the Jul 14 high. The 50-day EMA, at 916.78 is first support.
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