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TECHS: LatAm FX Price Signal Summary: USDCLP Bearish Extension

EMERGING MARKETS
  • USDMXN maintains a firmer tone. This follows the recent recovery from support at 19.8924, Feb 15 low.
    • The recent move higher has exposed the key resistance at 20.5996, Jan 29 high. A break of this hurdle would reinstate a bullish theme.
    • Key support and the bear trigger is unchanged at 19.8924.
  • USDBRL remains above recent lows with support defined at 5.3056, Feb 8 low. A clear break of this level would threaten a deeper pullback towards 5.2358, Jan 21 low.
    • An ability to hold above the support keeps a near-term bullish tone intact with key resistance and the bull trigger at 5.5262, Jan 25 high.
    • Initial resistance is at 5.4561, Feb 4 high.
  • USDCLP is weaker again today, extending the current downleg. Importantly, this week has seen the pair clear support at 711.00, Jan 21 low. This signals the potential for a deeper sell-off with scope for weakness towards the major support at 693.00, Jan 6 low. Initial resistance is at 722.78, the Feb 17 high.
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