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Price Signal Summary - USDMXN Sights Are On Support And The Bear Trigger

LATAM FX
  • USDMXN is trading lower again today. The pair for now, remains above 18.5080, the Feb 2 low. The trend outlook is bearish and the latest recovery is considered corrective. A key short-term resistance has been defined at 19.2906, the Feb 6 high where a break is required to threaten the downtrend and highlight a reversal. This would open the 19.40 handle and 19.4804, the 38.2% retracement of the Jul 14 2022 - Feb 2 bear leg. On the downside, key support and the bear trigger is at 18.5080. A break resumes the downtrend.
  • USDBRL traded higher yesterday and early gains today have resulted in a print above 5.3000. The pair has breached resistance at 5.2557, the Jan 19 high and this strengthened the current bull cycle. A continuation higher would open 5.3518 next, the 76.4% retracement of the 5.4787 - 4.9410 bear leg. On the downside, initial support to watch lies at 5.1338, the Feb 7 low. A break of this support would instead signal scope for a return to 4.9410, the Feb 2 low.
  • The USDCLP outlook remains bearish . Recent weakness confirmed a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. The 800.00 handle has been breached and this opens 771.89, the Mar 29 2022 low. On the upside, initial resistance is seen at 809.90, the 20-day EMA. Key resistance at the 50-day EMA intersects at 838.07.
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