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Tech Focus: LatAm FX Price Signal Summary: USDBRL Trades Through Support

EMERGING MARKETS
  • USDMXN maintains a firmer tone following this week's gains and scope is seen for an extension higher. A clear breach of 20.6172, 50.0% retracement of the Mar 8 - Jun 9 downleg would open 20.8576, the 61.8% level. Wednesday's low of 19.9524 marks initial support.
  • USDBRL conditions remain bearish with attention on support around the 5.00 handle that has been breached today. A clear break lower would reinforce bearish conditions and open 4.8187 further out, Jun 8 2020 low. Near-term resistance is at 5.1386, the Jun 11 high .
  • USDCLP upside has accelerated and price is above key resistance at 737.49, May 25 high. The strong recovery signals scope for further upside with attention on 751.20 next, Jan 13 high and a key resistance. Initial support is at yesterday's low of $731.70.

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