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Price Signal Summary: USDMXN Trading Near Recent Lows

LATAM FX
  • USDMXN is trading near recent lows. Weakness last week resulted in a break of 20.2514, 61.8% of the Sep - Oct rally. Furthermore, price has also traded below the 50-day EMA and attention is on 20.0975, the 76.4% retracement. A resumption of weakness and a break of 20.0975, would open 19.9368, Sep 22 low. Firm short-term resistance is at 20.5975, Oct 15 high. A break is required to ease current bearish pressure.
  • USDBRL rallied last week and cleared the 5.60 handle. The move higher confirmed a resumption of the uptrend and signals scope for an extension towards 5.7558, the Apr 13 high and 5.8064, the Mar 29 high. Key trend support has been defined at 5.4342, the Oct 15 low. Initial support is seen at 5.5730, Oct 13 high and a recent breakout level.
  • USDCLP is unchanged and continues to consolidate. The outlook is bullish and the focus is on 834.36, 76.4% of the Mar 2020 - May 2021 downleg. A break of this chart point would open 841.17, May 6 2020 high. Firm short-term support is unchanged at 806.63, the Oct 14 low. The 50-day EMA, as a support, is at $795.53.
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