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TECHS: LatAm FX Price Signal Summary: Bullish USD Theme Intact

EMERGING MARKETS
  • USDMXN traded higher yesterday and is off recent lows having found support at 20.0742, Feb 3 low. A positive outlook remains in place.
    • Recent gains resulted in a clear break of resistance at 20.2631, Jan 11 high.
    • This paves the way for a climb towards 20.6641, Dec 21 high.
    • A clear breach of 20.0472 would highlight the risk of a deeper sell-off though.
  • USDBRL extends the recovery off 5.3217, Feb 3 low.
    • A break of 5.3217 would threaten a deeper pullback towards 5.2358, Jan 21 low.
    • The ability to hold above the support maintains a near-term positive tone with key resistance and the bull trigger at 5.5262, Jan 25 high.
  • USDCLP is largely unchanged but maintains a bullish tone. 711.00 provided strong support on Jan 21 and attention remains on 751.20, the Jan 13 high. Key support lies at the 711.00 level, Jan 21 low. Initial support is at 725.66, Jan 1 low.
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