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Price Signal Summary: USDMXN Trend Needle Points North

LATAM FX
  • USDMXN traded higher yesterday. The pair has this week cleared resistance at 20.9790, Nov 3 high. The break confirms a resumption of the uptrend and signals potential for an extension above 21.00 towards 21.50 next ahead of the next key resistance at 21.6357, Mar 8 high. Monday's low of 20.8162 marks initial support.
  • The USDBRL short-term outlook remains bullish. A firm support has been defined at 5.3885, Nov 11 low and the bull channel base intersects at 5.3925 today. The channel base is drawn from the Jun 25 low. A break of these two levels is required to suggest potential for a stronger move lower. This would expose the 5.20 handle. Resistance at 5.6068, Nov 5 high has been breached and this strengthens short-term bullish conditions plus signals scope for a climb towards the channel top at 5.7842.
  • USDCLP is unchanged. Recent price action has defined key directional triggers at 841.25, the Nov 18 high and 788.22, the Nov 10 low. Clearance of support would set the scene for weakness towards 762.13, Sep 1 low while a breach of resistance at 842.25 would instead open 850.00 and further out 878.86, the Mar 19, 2020 high.
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