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Resend: Price Signal Summary: USDCLP Gaps Lower

LATAM FX
  • This is a correction to the price signal summary sent @ 13:59 BST.
  • USDMXN conditions are unchanged and the outlook remains bullish. Recent gains have resulted in a clear breach of resistance at 20.7014, the Jun 16 high. This level marked an important short-term hurdle and the break strengthens bullish conditions. The focus is on 21.1071, the 1.00 projection of the May 30 - Jun 16 - 27 price swing. On the downside, key short-term support is seen at the 20-day EMA, at 20.4159.
  • USDBRL trend conditions remain bullish and this is also supported by a positive set-up in moving average studies. The focus is on 5.5245 next, the Jan 24 high, ahead of the 5.60 handle. On the downside, initial support is seen at 5.2797, the 20-day EMA.
  • USDCLP has gapped lower today. It is too early to tell whether the move lower is likely to extend, allowing for a stronger correction. A firm support is seen at the 20-day EMA, at 948.75. The underlying bull trend remains intact following the recent strong impulsive rally and a resumption of gains would open 1068.89.00 next, the 2.618 projection of the Mar 29 - May 12 - Jun 3 price swing. Short-term retracements are considered corrective - for now.
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