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TECHS: LatAm FX Price Signal Summary: USDCLP Finds Support

EMERGING MARKETS
  • USDMXN is consolidating. From a trend perspective, the outlook is still 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, the Jan 21 low and a primary support. Key resistance has been defined at 20.3270, May 4 high.
  • USDBRL recently failed to remain above the 20-day EMA and the sell-off that followed resulted in a break of support at 5.1979, May 10 low. This confirms a resumption of the downtrend and paves the way for weakness towards 5.1210, the Jan 4 low. A firm near-term resistance is at 5.3740, high May 24.
  • USDCLP remains below recent highs but the outlook is bullish and the pair did find support yesterday. A bullish theme follows recent sharp gains following the reversal from 690.32, 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 710.46, May 18 low.
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