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EMERGING MARKETS
  • USDMXN is edging lower and once again testing its key short-term trendline support drawn off the Jan 21 low. The line intersects at 20.5441 and has been probed. A clear break, together with a move through the Mar 18 low of 20.2829 is needed to strengthen a bearish argument. This would open 19.8924, the Feb 15 low. Resistance is unchanged at 20.9695, Mar 24 high.
  • USDBRL remains firm following last week's strong gains. The pair has cleared the 5.7741 retracement - 76.4% of the sell-off between Mar 9 - 19. The break sets the scene for a climb to 5.8743, Mar 9 high.
    • On the downside, a move below 5.4499 is required to reinstate a bearish threat.
    • Initial support however lies at 5.6269, the 20-day EMA.
  • USDCLP remains below resistance at 743.10, Mar 8 high. Support has been defined at 713.97, Mar 22 low where a break is required to reinstate a bearish threat. On the upside, clearance of 743.10, Mar 8 high would expose 751.20, Jan 13 high.
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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