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Tech Focus: LatAm FX Price Signal Summary: USDCLP Defying Gravity

EMERGING MARKETS
  • USDMXN is lower. Price action since Jun 25 still appears corrective in nature. This is in line with a bearish theme that continues to dominate. A break lower would expose 19.7059, Jun 25 low and 19.5987, the Jun 9 low. The next firm resistance is at 20.3504, 61.8% of the recent Jun 18 - 25 downleg
  • USDBRL is consolidating. The focus remains on resistance at 5.3130, Jul 8 high. A break of this hurdle would trigger stronger gains and open 5.3740, May 24 high. Initial support is unchanged at 5.0550, Jul 15 low. A break would be bearish and instead expose 5.00 plus the Jun 25 low of 4.8934. The latter is a key support.
  • USDCLP continues to defy gravity. The outlook is bullish and the pair has gapped higher today at the open. The fresh highs confirm a resumption of the underlying uptrend and maintain the bullish price sequence of higher highs and higher lows. The focus is on 777.00, the Nov 24, 2020 high. Support is at 747.63, Jul 22 low.
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