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Signal Summary: USDCLP Approaches Major Resistance

LATAM FX
  • USDMXN continues to trade below recent highs. The move lower however is considered corrective. A bullish outlook remains intact following recent gains. The rally resulted in a print last week above 20.6378, the Apr 28 high. It marks an important resistance and a clear break would suggest potential for an extension higher. This would open 20.6830 (tested) and 20.9829, the 61.8% and 76.4% retracements of the Mar - May bear leg. Key support has been defined at 19.4136, May 30 low. Initial support is at 20.0211, the 20-day EMA.
  • USDBRL maintains a firmer tone following recent gains and is trading at recent highs. Attention is on key resistance at 5.2090, the May 12 high. A breach of this level would strengthen bullish conditions and open 5.3083, 61.8% of the Dec 21 ‘21 - Apr 5 bear leg. On the downside, weakness through support at 4.6910 would reinstate a bearish threat and expose 4.5836, the Apr 5 low. Initial support is 4.9501, the 20-day EMA.
  • USDCLP traded sharply higher on Jun 10 to confirm a reversal of the bear cycle between May 12 - Jun 3. The USD also traded higher last week and is holding on to its gains. The climb has resulted in a break of key near-term resistance at 871.60, the May 12 high. Clearance of this resistance exposes the major hurdle for bulls at 878.86, the Mar 19 2020 high. Key short-term support has been defined at 807.85. Initial support is at 846.43, the Jun 10 high and gap low on the daily chart.
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