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TECHS: LatAm FX Price Signal Summary: USDCLP Gaps Higher

EMERGING MARKETS
  • USDMXN is slightly firmer and remains above support at 19.7197, May 18 low. The trend direction is down with key resistance defined at 20.3270, May 4 high. A bearish theme follows the sell-off from Mar 8 and a price sequence of lower lows and lower highs dominates. An extension lower would strengthen the bearish case and open 19.5494, the Jan 21 low and a primary support.
  • USDBRL maintains a bearish tone despite recent gains. The break in mid-April of trendline support drawn off the Dec 14, 2020 low followed by a bearish triangle breakout highlights a bearish theme. 5.2145, 76.4% of the Dec - Mar rally, has held but remains exposed. A clear break would open 5.1210, the Jan 4 low.
    • A firm near-term resistance is at 5.4837, May 4 high.
  • USDCLP is above 720.00. On May 14, prices gapped higher at the open. As a result, resistance at 715.36, Apr 23 high was cleared and technically this highlights a short-term reversal. The USD is firmer and the recent pullback was short-lived. This signals scope for a climb towards 728.00, the Mar 31 high. The gap low of 706.45, May 14 high is a firm short-term support and remains intact.
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