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Price Signal Summary: USDMXN Trend Condition Remains Bearish

LATAM FX
  • USDMXN is consolidating. The pair continues to challenge the key short-term support and bear trigger at 20.2787, Jan 18 low. Clearance of this level would confirm a resumption of the downtrend and open 20.2517, Nov 9 low and 20.1196, Oct 26 low. Key short-term resistance is unchanged at 20.9141. A break would alter the picture.
  • USDBRL path of least resistance remains down. A bearish theme follows the recent clear break of support at 5.3885, Nov 11 low that highlighted a range breakout and confirmed a resumption of the bear cycle that has been in place since Dec 21. Bears have not looked back since the break. Sights are on 5.0970, 76.4% of the Jun - Oct 2021 bull phase. On the upside, resistance is seen at 5.2792, the 20-day EMA.
  • The USDCLP trend direction remains bearish and the recent reversal from 832.75, Feb 7 high, reinforces this theme. The focus is on 793.46, the Jan 27 low and a bear trigger. This level has been probed, a break would confirm a resumption of the downtrend and open 788.22, the Nov 10 low ahead of 783.23, the 50.0% retracement of the May - Dec 2021 upleg. 832.75 marks the key short-term resistance.
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