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TECHS: LatAm FX Price Signal Summary: USDCLP Clears Support

EMERGING MARKETS
  • USDMXN maintains this week's softer tone.
    • A bearish theme follows the clear break on Mar 31 of trendline support drawn off the Jan 21 low, highlighting scope for a deeper retracement.
    • The pair has also cleared the Mar 18 low of 20.2829 - a former key support level. This strengthens a bearish argument and exposes the 20.00 handle.
    • On the upside, resistance is seen at 20.4974, Apr 1 high.
  • The USDBRL outlook remains bullish, however this theme is still being threatened. The pair has traded below trendline support drawn off the Dec 14 low - the trendline intersects at 5.6238 today. A clear break of the line would signal a potentially stronger reversal and expose support at 5.4499. Key resistance is unchanged at 5.8064, Mar 29 high. Initial resistance is at 5.6685, the Apr 6 high.
  • USDCLP is trading sharply lower today. Support at 713.97, Mar 22 low has been cleared. The break lower opens 699.19, Feb 24 low. On the upside, a move above 743.10, Mar 8 high is required to highlight a bullish development and expose 751.20, Jan 13 high. Initial resistance is at 721.90, Apr 5 high.
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