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Short-Term USDMXN Gains Considered Corrective

LATAM FX
  • The trend outlook in USDMXN is unchanged and remains bearish. Recent short-term gains are considered corrective. Moving average studies are in a bear-mode position, highlighting a downtrend. The recent price action should target 16.9988, the Sep 20 low, and clearance of this level would signal scope for a move towards 16.6262, the Jul 28 low. On the upside, a move above 17.9394, the Nov 10 high, would highlight a reversal. Initial resistance is at 17.5811, 38.2% of the Oct 20 - Nov 27 downleg.
  • USDBRL continues to consolidate inside its recent range. The trend direction is down and moves higher are still considered corrective at this juncture. Note that resistance at 4.9535, the Nov 10 high, has been pierced, however, a clear break of this level would ease bearish pressure. This would expose 5.0696, the Oct 31 high. For bears, renewed weakness would signal scope for an extension towards 4.8200, 76.4% of the Jul 28 - Oct 6 upleg, and the 4.8000 handle.
  • The trend outlook in USDCLP also remains bearish, and the recent recovery is considered corrective. Key short-term support at 873.00, the Nov 3 low, was recently cleared. The break of this level strengthens a bearish threat and signals scope for a deeper retracement towards 837.45, the Aug 25 low. Initial resistance is at $883.90, the 50-day EMA.
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