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- USDMXN continues to strengthen following last week's failure to convincingly clear 19.6010, Jan 6 low.
- The rebound refocuses attention on the 50-day EMA where a break would signal a short-term reversal - the average intersects at 20.0781 today and price is currently above the average. Note too that there is a bull trigger at 20.2631, Jan 11 high.
- On the downside, key support has been defined at 19.5494, Jan 21 low.
- USDBRL is firmer today too and is extending the rally that started off the Jan 14 low and accelerated late last week. The pair has breached a key resistance at 5.5160, Jan 11 high where a clear break would reinforce bullish conditions and expose 5.5733, the Nov 6 high next. Initial support is at Friday's low of 5.3958.
- USDCLP has also rebounded. Last week's low of 711.00 on Jan 21 has provided a strong support and attention turns to resistance at 739.64, Jan 18 high. A break would open 751.20, the Jan 13 high.