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Price Signal Summary - USDMXN Trend Structure Remains Bullish

LATAM FX
  • USDMXN remains above last week’s low. The trend outlook is bullish and the recent short-term pullback is considered corrective. Price has remained above both the 20- and 50-day EMAs and these averages are in bull mode condition. Sights are on $18.6172, the 76.4% retracement of the Mar 20 - Jul 28 downleg. A break of this level would open 19.2322, the Mar 20 high. The bull trigger is 18.4863, the Oct 6 high. On the downside, key support has been defined at 17.3498, the Sep 29 low. Initial support lies at 17.7548, the Oct 12 low.
  • A bull cycle in USDBRL remains intact and the recent pullback still appears to be a correction. Scope is seen for a climb towards 5.2495, the Mar 27 high, and 5.3409, the Mar 24 high, further out. The bull trigger has been defined at 5.2202, the Oct 6 high. On the downside, key short-term support is seen at 4.9883, the Sep 29 low. A break of this level would signal scope for a deeper pullback and open 4.9213, trendline support drawn from the Jul 28 low.
  • USDCLP maintains a bullish tone and the pair traded higher Monday. Moving average studies are in a bull-mode position and a positive price sequence of higher highs and higher lows remains intact. Scope is seen for a climb towards 956.45, the Nov 21 high, and 958.54, the Nov 3 2022 high. Key support is at the 50-day EMA - at 891.25. The 20-day EMA lies at 918.78. The most recent pullback is considered corrective.
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