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- USDMXN maintains a bearish tone and traded lower again yesterday.
- A bearish theme follows the recent clear break on Mar 31 of trendline support drawn off the Jan 21 low.
- The pair has also cleared the Mar 18 low of 20.2829 - a former key support level and this strengthens a bearish argument. The focus is on 19.8924, Feb 15 low. A break would open 19.5494, Jan 21 low.
- On the upside, resistance is at 20.3805, Apr 5 high.
- USDBRL has pulled back from recent highs.
- The pair last week traded below trendline support drawn off the Dec 14 low but has failed to confirm a clear break to signal a stronger reversal and expose support at 5.4499.
- Note too that price action since Mar 9 appears to be trading within a triangle. This pattern is potentially a bullish one - a break of 5.7558, Apr 13 high would confirm a bullish pattern breakout and signal scope for a climb towards 5.8743, Mar 9 high and a key resistance.
- Key near-term support is unchanged at 5.5396, Apr 8 low.
- USDCLP remains weak and is trending lower. The pair has probed a key support at 699.19, Feb 24 low. This signals scope for weakness towards the primary support at 693.00, Jan 6 low. A break of this level would confirm a resumption of the broader downtrend that started March 2020. Initial resistance is at 714.50, Apr 13 high.