MNI BRIEF: EU Working On New Trade Retaliation Steps Vs US

MNI BRIEF: China To Boost Environmental Equipment Industry

MNI BRIEF: China SME Index Highest Since June 2021

MNI China Press Digest March 12: FDI, Cars, Retail Sales

MNI: PBOC Net Drains CNY177.8 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1696 Weds; -0.47% Y/Y

MNI: JAPAN FEB CORP GOODS PRICE INDEX +4.0% Y/Y; JAN +4.2%

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

LATAM FX: Price Signal Summary – USDMXN Support Remain Intact For Now

LATAM FX
BulletEM BulletEmerging Market News
  • USDMXN continues to trade below the Feb 3 high. The trend structure remains bullish and the recent move above 20.9382, the Jan 17 high, marked a resumption of the uptrend. The move higher also highlights the possible end of a sideways trend that has been in place since early November 2024. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. The focus is on a climb towards 21.4007 and 21.5807, the 3.00 and 3.236 projections of the Sep 18 - Oct 1 - 4 ‘24 price swing. Key support has been defined at 20.1343, the Jan 24 low. A clear break of this level would highlight a potential reversal. This would open 19.7618, the Nov 7 ‘24 low.     
  • A corrective cycle USDBRL remains in play and this signals scope for a continued retracement. The 50-day EMA has been breached and this has been followed by a break of 5.8675, the Dec 12 low. Sights are on  5.7231, the Nov 13 ‘24 low, and 5.6340, the Nov 7 low. On the upside, a reversal would refocus attention on 6.3165, the Dec 18 high and the bull trigger. Initial resistance is at 5.9347, the 50-day EMA.   
  • USDCLP remains in a bear-mode condition. The pair has recently breached the 50-day EMA. The clear break of the average highlights potential for a deeper retracement. Note too that the pair has also traded through 966.86, the Dec 6 low, and the 960.00 handle. This reinforces current bearish conditions and opens 940.35, the 61.8% retracement of the upleg between Sep 27 ‘24 - Jan 3. Initial firm resistance is seen at 984.24, the 50-day EMA.
272 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • USDMXN continues to trade below the Feb 3 high. The trend structure remains bullish and the recent move above 20.9382, the Jan 17 high, marked a resumption of the uptrend. The move higher also highlights the possible end of a sideways trend that has been in place since early November 2024. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. The focus is on a climb towards 21.4007 and 21.5807, the 3.00 and 3.236 projections of the Sep 18 - Oct 1 - 4 ‘24 price swing. Key support has been defined at 20.1343, the Jan 24 low. A clear break of this level would highlight a potential reversal. This would open 19.7618, the Nov 7 ‘24 low.     
  • A corrective cycle USDBRL remains in play and this signals scope for a continued retracement. The 50-day EMA has been breached and this has been followed by a break of 5.8675, the Dec 12 low. Sights are on  5.7231, the Nov 13 ‘24 low, and 5.6340, the Nov 7 low. On the upside, a reversal would refocus attention on 6.3165, the Dec 18 high and the bull trigger. Initial resistance is at 5.9347, the 50-day EMA.   
  • USDCLP remains in a bear-mode condition. The pair has recently breached the 50-day EMA. The clear break of the average highlights potential for a deeper retracement. Note too that the pair has also traded through 966.86, the Dec 6 low, and the 960.00 handle. This reinforces current bearish conditions and opens 940.35, the 61.8% retracement of the upleg between Sep 27 ‘24 - Jan 3. Initial firm resistance is seen at 984.24, the 50-day EMA.