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Price Signal Summary - USDMXN Trend Outlook Remains Bearish

LATAM FX
  • USDMXN traded lower yesterday. The outlook remains bearish and key short-term resistance has been defined at 17.4280, the Aug 4 high. A clear break of this hurdle would highlight a potential short-term reversal and open 17.7714, the May 31 high. The bear trigger lies at 16.6262, the Jul 28 low, where a break would confirm a resumption of the medium-term downtrend.
  • The current USDBRL bull cycle remains in play and the latest pullback appears to be a correction. A key resistance at 4.9499, the Jul 6 high was breached last week. This is seen as an important short-term breakout and opens 5.0039, the Jun 2 high. Further out, an extension higher would expose 5.1277, the May 31 high. The next support to watch is 4.8416, the Aug 10 low. A break would threaten the bull theme and expose key support at 4.6964, the Jul 28 low.
  • USDCLP maintains a short-term bullish tone and the latest pullback is considered corrective. The gap higher, on Jul 31, resulted in a break of 837.15, the Mar 17 high and a key resistance. The subsequent climb reinforces a bullish theme and the focus is on 886.62, the 50.0% retracement of the Sep 26 ‘22 - Feb 3 bear leg. First support to watch is 853.55, the 20-day EMA. The 50-day EMA lies at 834.97.
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