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Price Signal Summary - USDMXN Trend Outlook Remains Bearish

LATAM FX
  • USDMXN is unchanged and consolidating. The pair traded sharply lower last week and remains bearish following the extension of the reversal from 18.4663 on Oct 20. The latest move lower confirms the end of the recent Nov 3 - 10 corrective bounce and the break of support at 17.2833, the Nov 3 low, confirms a resumption of the current bear cycle and opens 16.9988, the Sep 20 low. A break of this level would signal scope for a move towards 16.6262, the Jul 28 low. On the upside, a move above 17.9394 would be a short-term bullish development and highlight a bullish reversal. Initial resistance is at 17.5784, the 50-day EMA.
  • USDBRL is consolidating and maintains a softer tone. The pair traded lower last week and this resulted in a clear break of 4.8590 support, the Nov 7 low. The move lower confirmed a resumption of the current downtrend and signals scope for an extension towards 4.8200, 76.4% of the Jul 28 - Oct 6 upleg, and the 4.8000 handle. Initial firm resistance is at 4.9535, the Nov 10 high. A break would ease bearish pressure.
  • USDCLP is trading lower and the outlook remains bearish. Key short-term support at 873.00, the Nov 3 low, has been cleared. The break of this level has strengthened a bearish threat and signal scope for a deeper retracement towards 837.45, the Aug 25 low. For bulls, clearance of 924.67, the Nov 13 high, would expose key resistance at 955.00, the Oct 16 high. Initial resistance is at $895.21, the 50-day EMA.
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