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Tech Focus: LatAm FX Price Signal Summary: USDCLP Outlook Remains Constructive

EMERGING MARKETS
  • USDMXN is still hovering just above 19.601, Jan 6 low.
    • The pair on Jan 11 tested the 50-day EMA at 20.1676 but failed to hold onto gains.
    • A clear breach of this average is required to expose resistance at 20.664, the Dec 21 high and an important reversal trigger.
    • Key support is 19.6010, Jan 6 low and marks the bear trigger. The primary trend remains bearish.
  • USDBRL remains heavy. The pair reversed course Tuesday, trading sharply lower and leaving key resistance at 5.5257, the Nov 13 high intact. The 20-day EMA has been breached, further weakness would open 5.1210, the Jan 4 low.
  • USDCLP gapped higher Wednesday but the pullback yesterday filled the gap on the daily chart. Recent gains suggest the trend for now, remains up.
    • The focus on 757.18, 76.4% of the Nov 24 - Jan 6 downleg.
    • Initial support lies at 726.20, Jan 14 low.
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