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Price Signal Summary: Watching Support In USDCLP

LATAM FX
  • USDMXN is unchanged and is holding onto its recent gains. Near-term, a bearish threat remains present, despite the latest recovery. Attention is on the 19.8126 low from Aug 15. A clear breach of this support would confirm a resumption of bearish activity and expose 19.4136, the May 30 low. Key short-term resistance has been defined at 20.8335, the Aug 3 high. Initial firm resistance to watch is at 20.2668, Aug 19 high. A break would signal scope for a stronger short-term recovery.
  • USDBRL remains above recent lows and this week’s bounce has resulted in a print above resistance at 5.2195, the Aug 19 high. A clear breach of this hurdle is required to strengthen a bullish case and a stronger reversal. Key short-term support lies at 5.0108, the Aug 29 / 30 low where a break would reinstate the recent bearish theme.
  • USDCLP remains below 955.10, the Aug 22 high. Recent weakness has left the pair trading closer to key support at 869.63, the Aug 12 low. A breach of this support would cancel a recent bullish theme and instead reinstate a bearish threat plus signal scope for a move towards the 850.00 handle and potentially 807.85 further out, the Jun 3 low. Key resistance has been defined at 955.10. A| break would be a bullish development.
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