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TECHS: LatAm FX Price Signal Summary: USD Outlook Remains Bullish Despite Consolidation​

  • USDMXN is still trading closer to recent lows. The pair has probed support at 20.0742, Feb 3 low. A clear breach would highlight the risk of a deeper sell-off and open 19.8546, the Jan 25 low. Recent gains between Jan 21 - 29, resulted in a clear break of resistance at 20.2631, Jan 11 high. This signals scope for a climb towards 20.6641, Dec 21 high.
  • USDBRL remains above recent lows with support defined at 5.3056, Monday's low. A clear break of this level would threaten a deeper pullback towards 5.2358, Jan 21 low.
    • The ability to hold above recent supports keeps a near-term bullish tone intact with key resistance and the bull trigger at 5.5262, Jan 25 high.
  • USDCLP maintains a bullish theme although the pair has today traded lower since the open. 711.00 provided strong support on Jan 21 and the recovery from this level suggests scope for 751.20, the Jan 13 high. 711.00 is a key support, Jan 21 low. Initial support is at 725.66, Feb 1 low.

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