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Price Signal Summary - USDMXN Trend Outlook Remains Bearish

LATAM FX
  • USDMXN maintains a softer tone following the recent breach of key support at 17.8981, the Mar 9 low. This confirms a resumption of the downtrend and the focus is on 17.5746, the Aug 25 2017 low. Moving average studies remain in a bear mode position, highlighting a bear trend. Initial firm resistance is unchanged at 18.4011, the Apr 5 high. A breach would signal a potential reversal.
  • The trend outlook in USDBRL remains bearish. On Apr 12, the pair cleared support at 4.9410, the Feb 2 low. This confirmed a resumption of the broader bear cycle that started Nov 17 last year. The move lower opens 4.8889, 76.4% of the May - Nov 2022 bull phase. A break would expose 4.8478, the Jun 8 2022 low. On the upside, the next firm resistance to watch is seen at 5.0823, the 50-day EMA. A clear break of this average would alter the picture and highlight a stronger short-term reversal.
  • USDCLP remains above 783.10, the Mar 31 low. A continuation lower would expose the key bear trigger at 776.28, the Feb 3 low. Clearance of this level would confirm a resumption of the broader downtrend. A stronger resumption of gains would instead refocus attention on key short-term resistance at 837.15, the Mar 17 high.
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