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Tech Focus: LatAm FX Price Signal Summary: USD Gains Considered Corrective

EMERGING MARKETS
  • USDMXN has found some support. The outlook though remains bearish following recent weakness.
    • The pair last week breached a key near-term support at 19.7197, May 18 low and the bear trigger.
    • This confirms a resumption of the downtrend and signals the end of the recent lengthy consolidation that started Apr 20.
    • The focus is on 19.5494, Jan 21 low and a primary support.
    • In terms of whether a stronger recovery is likely, attention is on key resistance at 20.2132, Jun 4 high where a break is required to alter the picture.
  • USDBRL conditions remain bearish with attention on support at 5.0107, Dec 14 low. A clear break of this level would reinforce bearish conditions and open 4.8187 further out, Jun 8 2020 low. A firm near-term resistance is at 5.3740, May 24 high. Initial resistance is seen at 5.1691, the 20-day EMA.
  • USDCLP remains above recent lows and is consolidating. Conditions are unchanged and the outlook is bullish despite recent weakness. This follows sharp gains from 690.32, May 10 low. The climb has exposed the next area of resistance between 740.22, Mar 29 high and 743.10, Mar 8 high. Clearance of these two levels would open 751.20, Jan 13 high and a key resistance. Support is seen at 710.46, May 18 low. A break would highlight a bearish risk.
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