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Tech Focus: LatAm FX Price Signal Summary: USDBRL Bearish Theme Remains Intact

EMERGING MARKETS
  • USDMXN maintains a softer tone following recent weakness.
    • The pair has this week cleared a key near-term support at 19.7197, May 18 low and the bear trigger.
    • This confirms a resumption of the downtrend and ends the recent lengthy consolidation that started Apr 20.
    • The focus is on 19.5494, Jan 21 low and a primary support.
    • Key resistance has been defined at 20.2132, Jun 4 high.
  • USDBRL remains soft and the pair is consolidating ahead of support at 5.0107, Dec 14 low. A clear breach 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, high May 24. Initial resistance is seen at 5.2007, the 20-day EMA.
  • USDCLP outlook remains bullish despite the recent weakness. A bullish outlook follows sharp gains following the reversal 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 instead highlight a bearish risk.
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