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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.
EMERGING MARKETS
- USDMXN continues to trade in a relatively tight range. From a trend perspective, the outlook remains bearish and attention is on support at 19.7197, May 18 low and the bear trigger. A break of support would strengthen a bearish case and open 19.5494, Jan 21 low and a primary support. Key resistance has been defined at 20.3270, May 4 high.
- USDBRL remains under pressure and has sold off sharply today. The recent break of support at 5.1979, May 10 low confirms a resumption of the downtrend and paves the way for weakness towards 5.0107 next, Dec 14 low. A firm near-term resistance is at 5.3740, high May 24. Initial resistance is $5.1979. Note too that USDBRL has this week also breached the base of a broad channel drawn off the Jun 8 low.
- USDCLP remains below recent highs but the outlook is bullish despite the recent extension lower. A bullish theme follows sharp gains that resulted from the reversal off 690.32, the May 10 low. The climb has exposed the next area of resistance between 740.22, Mar 29 high and 743.10, Mar 8 high. Clearance of these two levels would open 751.20, Jan 13 high and a key resistance. Support is seen at 710.46, May 18 low.
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.
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