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Price Signal Summary: USDMXN Trend Direction Remains Bearish

LATAM FX
  • USDMXN is consolidating close to recent lows. The failure to hold onto the Dec 15 highs and the subsequent sell-off has resulted in a break of support at 20.8421, Dec 13 low. This confirmed a resumption of the bear cycle 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 that was probed Friday. A clear break of this chart point would open the 20.50 handle. Key short-term resistance is at 21.3637.
  • USDBRL conditions remain bullish and the pair is still trading at recent highs. Resistance at 5.7018, Dec 6 high has been cleared and the break refocuses attention on the top of a bull channel drawn from the Jun 25 low. The line intersects at 5.8811. 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 gapped higher Monday to confirm a resumption of the uptrend. The break higher paves the way for a climb towards 878.86, the Mar 19 2020 high. Friday’s high of 850.67 marks an initial support and a gap low on the daily chart. Friday’s low of 836.93 is a second support.
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