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TECHS: LatAm FX Price Signal Summary: USD Dips Considered Corrective

EMERGING MARKETS
  • USDMXN was under pressure Friday but has found some support so far today and remains above 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 though would highlight the risk of a deeper sell-off and open 19.8546, the Jan 25 low.
  • USDBRL is consolidating.
    • 5.3217 marks initial support, Feb 3 low. A break of this level would threaten a deeper pullback towards 5.2358, Jan 21 low.
    • The ability to hold above the support however keeps a near-term positive tone intact with key resistance and the bull trigger at 5.5262, Jan 25 high.
  • USDCLP is largely unchanged but maintains a bullish theme. 711.00 provided strong support on Jan 21 and attention is on 751.20, the Jan 13 high. 711.00 marks the key support, Jan 21 low. Initial support is at 725.66, Feb 1 low.
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