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Tech Focus: LatAm FX Price Signal Summary: USDMXN Outlook Remains Bearish

EMERGING MARKETS
  • USDMXN is consolidating and maintains a softer tone following recent weakness.
    • The pair has this week cleared a key near-term support at 19.7197, May 18 low and the bear trigger.
    • This confirms a resumption of the downtrend and ends the recent lengthy consolidation that started Apr 20.
    • The focus is on 19.5494, Jan 21 low and a primary support.
    • Key resistance has been defined at 20.2132, Jun 4 high.
  • USDBRL is consolidating ahead of support at 5.0107, Dec 14 low. A clear breach of this level would reinforce bearish conditions and open 4.8187 further out, Jun 8 2020 low. A firm near-term resistance is at 5.3740, May 24. Initial resistance is seen at 5.1870, the 20-day EMA.
  • USDCLP remains above recent lows. The outlook is bullish despite recent weakness. This follows sharp gains on the reversal from 690.32, May 10 low. The climb has exposed the next area of resistance between 740.22, Mar 29 high and 743.10, Mar 8 high. Clearance of these two levels would open 751.20, Jan 13 high and a key resistance. Support is seen at 710.46, May 18 low. A break would highlight a bearish risk.
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