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Free AccessTECHS: LatAm FX Price Signal Summary: USD Remains Soft
- USDMXN is weaker today and the trend direction remains down with resistance defined at 20.3270, May 4 high.
- A recent break of trendline support drawn off the Jan 21 low and a move through the Mar 18 low of 20.2829, a former key support, highlights a bearish theme.
- Furthermore, support at 19.8924, Feb 15 low was breached on Apr 15.
- This signals scope for 19.5494, Jan 21 low.
- USDBRL maintains a bearish tone as the pair extends the current bearish cycle. A recent break of trendline support drawn off the Dec 14, 2020 low and a bearish triangle breakout on Apr 19 highlights a bearish theme. The pair has also cleared 5.3406, 61.8% of the Dec - Mar rally and is testing the 76.4% level at 5.2145. A clear break lower would open 5.1210, the Jan 4 low.
- A firm near-term resistance is at 5.4837, May 4 high.
- USDCLP short-term outlook remains bearish. The pair traded lower last week and price has started this week on a softer note. Support at 693.00, the Jan 6 low has been breached. This confirms a resumption of the broader downtrend and signals scope for weakness towards 686.05, 1.618 projection of the Oct 15 - Nov 9 - Nov 24 price swing.
- 715.36, Apr 23 high is key resistance.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.