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Price Signal Summary - USDMXN Trades Just Ahead Of Key Support

LATAM FX
  • The near-term outlook in USDMXN remains bearish following last week’s extension lower. The pair is trading at its recent lows and just ahead of 19.0401, a key support and the Nov 29 low. A break of this level would confirm a resumption of the broader bear cycle and open 18.9734, the 1.236 projection of the Jul 14 - Sep 12 - Sep 28, price swing last year. On the upside, key resistance has been defined at 19.5882, the Dec 30 high. A break of this hurdle would be a bullish development. Initial resistance is at 19.3997.
  • USDBRL traded sharply lower from last week’s Jan 4 high of 5.4787. The move leaves price trading inside a broad multi-month range. From a short-term perspective, the sell-off signals scope for a move towards support at 5.1183, the Dec 23 low. On the upside, initial key resistance has been defined at last week’s 5.4787 high.
  • The USDCLP outlook remains bearish and the pair has traded to a fresh trend low today. This confirms once again, a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. The move lower signals scope for an extension towards 807.85, the Jun 3 low. On the upside, initial resistance is seen at 861.54, the 20-day EMA.
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