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Price Signal Summary: USDMXN Trades Through ITs 50-Day EMA

LATAM FX
  • USDMXN failed to hold onto Wednesday’s high and the pair remains vulnerable as it trades at this week’s lows. Yesterday’s sell-off resulted in a break of 20.8421, Dec 13 low to confirm a resumption of the sell-off that started Nov 26. The break lower has also resulted in a breach of the 50-day EMA reinforcing the current bearish threat. Attention is on 20.7009, 76.4% of the Nov 9 - 26 rally. A break of this chart point would open the 20.50 handle. Key short-term resistance has been defined at 21.3637, the Dec 15 high.
  • USDBRL conditions remain bullish and the pair is trading at recent highs. Wednesday’s move higher resulted in a print above resistance at 5.7018, Dec 6 high. A clear break would refocus attention on the top of a bull channel drawn from the Jun 25 low. The line intersects at 5.8666. There is also a key resistance handle at 5.7542, the Oct 22 high. Initial firm support lies at 5.5184, Dec 9 low.
  • USDCLP is consolidating near recent highs. The trend condition is bullish. Resistance at $849.25, the Nov 30 high, has recently been breached. This maintains the bullish price sequence of higher highs and higher lows and opens the 860.00 handle and 878.86 further out, the Mar 19 2020 high. Support lies at 818.65, the Dec 1 low.
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