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TECHS: LatAm FX Price Signal Summary: USD Gives Back Some Of Its Gains

EMERGING MARKETS
  • USDMXN has failed thus far to remain above resistance at 20.2361, the Jan 11 high that was probed yesterday.
    • Today's intraday high is seen as the first bull trigger where a break would resume recent strength and open 20.50 ahead of 20.6641, the Dec 21 high.
    • Weakness below 19.8546 would reinstate a bearish threat.
  • USDBRL strengthened yesterday and did probe resistance at 5.5160, Nov 11 high. The pair however has since found resistance and is approaching Friday's low of 5.3958. A break of this support would expose the 20-day EMA at 5.3366. The bull trigger has been defined at 5.5262, yesterday's high.
  • USDCLP is off yesterday's high. Last week's low of 711.00 on Jan 21 provided strong support and despite today's early pullback, attention is on resistance at 739.64, Jan 18 high. A break would open 751.20, the Jan 13 high. Firm support is seen at 720.88, Jan 22 low.
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