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TECHS: LatAm FX Price Signal Summary: USDBRL Holds Onto Recent Gains

EMERGING MARKETS
  • USDMXN maintains a firmer tone and is holding onto recent gains. Last Thursday's rally confirmed a resumption of the current uptrend.
    • A break above last week's high of 21.0477, Feb 26 high would signal scope for a climb towards 21.50.
    • Key near-term support has been defined at 20.3504, Feb 24 low.
  • USDBRL is trading at recent highs and remains bullish. The pair is approaching 5.6198, 76.4% of last year's Oct - Dec downleg. A break would set the scene for strength towards 5.70. On the downside, key short-term support has been defined at 5.3913, Feb 24 low.
  • USDCLP gains have thus far stalled ahead of the 50-day EMA that intersects at 727.53 today. A clear break of this average is required to signal an extension of the rebound from last week's low of 699.19 on Feb 24. This would open 740.35, Feb 8 high. 699.19 marks the key support.
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