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

LATAM FX
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  • The medium term trend condition in USDMXN remains bullish, however, for now, the pair is trading inside a broad range and has pulled back to the lower portion of the range. Key support at 20.1343, the Jan 24 low, is intact. A clear break of this level would highlight a potential reversal and open the 20.00 handle and 19.7618, the Nov 7 2024 low. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would refocus attention on 21.4007 and 21.5807, the 3.00 and 3.236 projections of the Sep 18 - Oct 1 - 4 ‘24 price swing.      
  • A bearish trend cycle in USDBRL remains in play and recent short-term gains are - for now - considered corrective. The pullback from the Feb 28 high signals the end of the Feb 18 - 28 corrective cycle. A continuation lower would open 5.6755, the Feb 18 low and a short-term bear trigger. Clearance of this level would expose 5.6340, the Nov 7 low, and the 5.6000 handle. Key short-term resistance has been defined at 5.9179, the Feb 28 high. A break of this hurdle would be a bullish development.    
  • USDCLP remains in a bear-mode condition and the latest sell-off reinforces this theme. Last week’s move down confirmed a resumption of the downtrend. Sights are on  921.59, the 76.4% retracement of the upleg between Sep 27 ‘24 - Jan 3. A break of this level would expose 891.28, the Sep 27 2024 low.  Firm resistance is seen at 961.93, the 50-day EMA. The 20-day EMA, an initial resistance, is at 948.21.
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  • The medium term trend condition in USDMXN remains bullish, however, for now, the pair is trading inside a broad range and has pulled back to the lower portion of the range. Key support at 20.1343, the Jan 24 low, is intact. A clear break of this level would highlight a potential reversal and open the 20.00 handle and 19.7618, the Nov 7 2024 low. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would refocus attention on 21.4007 and 21.5807, the 3.00 and 3.236 projections of the Sep 18 - Oct 1 - 4 ‘24 price swing.      
  • A bearish trend cycle in USDBRL remains in play and recent short-term gains are - for now - considered corrective. The pullback from the Feb 28 high signals the end of the Feb 18 - 28 corrective cycle. A continuation lower would open 5.6755, the Feb 18 low and a short-term bear trigger. Clearance of this level would expose 5.6340, the Nov 7 low, and the 5.6000 handle. Key short-term resistance has been defined at 5.9179, the Feb 28 high. A break of this hurdle would be a bullish development.    
  • USDCLP remains in a bear-mode condition and the latest sell-off reinforces this theme. Last week’s move down confirmed a resumption of the downtrend. Sights are on  921.59, the 76.4% retracement of the upleg between Sep 27 ‘24 - Jan 3. A break of this level would expose 891.28, the Sep 27 2024 low.  Firm resistance is seen at 961.93, the 50-day EMA. The 20-day EMA, an initial resistance, is at 948.21.