© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI BRIEF: China Needs Expansionary Fiscal and Monetary Moves

MNI BRIEF: 2% Is Not In Sight, Easy Policy Remains- BOJ's Ueda

MNI BRIEF: BOJ Keeps Economic Recovery, Inflation View

MNI: UK SEP CBI INDUSTRIAL TRENDS TOTAL ORDERS -18

MNI: UK SEP FLASH MANUF PMI 44.2 (FCST 43.2); AUG 43.0

MNI: EUROZONE SEP FLASH MANUF PMI 43.4 (FCST 44.0); AUG 43.5

MNI BRIEF: Canada Shows No Progress Closing Housing Shortfall

MNI BRIEF: Highlights From BOC Governor Macklem Speech

MNI BRIEF: Finance Minister Calls BOC Pause 'Welcome Relief'

Price Signal Summary - USDMXN Support Remains Intact - For Now

LATAM FX
EM BulletHomepagemarkets-real-timeBulletEmerging Markets News
  • USDMXN conditions remain bullish following last week’s gains and despite this week’s reversal lower - a correction. The pair has traded through an important resistance at 17.4280, the Aug 4 high. Looking at price patterns, the daily close above 17.4280 confirms a double bottom reversal pattern on the daily chart. This signals scope for a climb towards 17.9292 next - 50.0% of the Mar 20 - Jul 28 downleg. On the downside, support to watch lies at the 50-day EMA which intersects at 17.1337.
  • A bull cycle in USDBRL remains in play and the support to watch is 4.8416, the Aug 10 low. A break of this level would threaten the current bullish theme and expose key support at 4.6964, the Jul 28 low. The bull trigger is 5.0016, the Aug 18 high, clearance of this level would open 5.1277, the May 31 high.
  • USDCLP maintains a bullish tone following recent gains. A key resistance at 872.75, the Aug 18 high, has been cleared. The break confirms a resumption of the uptrend and opens $912.67, the 61.8% retracement of the Sep ‘22 - Feb ‘23 bear leg. Key support is at the 50-day EMA - at 849.71. The 20-day EMA lies at 868.55.
203 words

To read the full story

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 conditions remain bullish following last week’s gains and despite this week’s reversal lower - a correction. The pair has traded through an important resistance at 17.4280, the Aug 4 high. Looking at price patterns, the daily close above 17.4280 confirms a double bottom reversal pattern on the daily chart. This signals scope for a climb towards 17.9292 next - 50.0% of the Mar 20 - Jul 28 downleg. On the downside, support to watch lies at the 50-day EMA which intersects at 17.1337.
  • A bull cycle in USDBRL remains in play and the support to watch is 4.8416, the Aug 10 low. A break of this level would threaten the current bullish theme and expose key support at 4.6964, the Jul 28 low. The bull trigger is 5.0016, the Aug 18 high, clearance of this level would open 5.1277, the May 31 high.
  • USDCLP maintains a bullish tone following recent gains. A key resistance at 872.75, the Aug 18 high, has been cleared. The break confirms a resumption of the uptrend and opens $912.67, the 61.8% retracement of the Sep ‘22 - Feb ‘23 bear leg. Key support is at the 50-day EMA - at 849.71. The 20-day EMA lies at 868.55.