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Price Signal Summary: USDMXN Support Remains Exposed

LATAM FX
  • USDMXN remains soft and is trading closer to its recent lows. The recent break of support at 20.2080, Jul 29 low and the 20.00 handle, has strengthened a bearish condition and exposed 19.8193, the Jun 27 low. The support has been pierced, a clear break would open 19.4136, the May 30 low. Key short-term resistance has been defined at 20.8335, the Aug 3 high. Initial resistance is at 20.5004, Aug 4 high.
  • USDBRL recently cleared support at 5.1298, the Aug 1 low. The clear break highlights potential for a deeper retracement and has opened 5.0055, the 61.8% retracement of the May 30 - Jul 21 upleg. The 76.4% level is at 4.8853. On the upside, initial key resistance has been defined at 5.3157, the Aug 3 high. A break would reinstate a bullish focus and attention would turn to 5.5142, the Jul 21 high and a bull trigger.
  • USDCLP recently pierced support at 884.75, Aug 1 low. A clear break confirmed a continuation of the current bear leg and opens 853.40, the Jun 15 low. Initial firm resistance has been defined at 970.08, the Jul 22 high. A breach of this level is required to reinstate a bullish theme.
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