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TECHS: LatAm FX Price Signal Summary: USDCLP Off To The Races

EMERGING MARKETS
  • USDMXN needle still points north. A bullish theme follows last week's gains and scope is seen for an extension higher. The breach of 20.6172, 50.0% retracement of the Mar 8 - Jun 9 downleg opens 20.8576, the 61.8% level. The Jun 17 low of 20.3274 marks initial support.
  • USDBRL is unchanged and trend conditions remain bearish with attention on support around the 5.00 handle that was probed last week. A clear break lower would reinforce bearish conditions and open 4.8187 further out, Jun 8 2020 low. Near-term resistance is at 5.1386, the Jun 11 high .
  • USDCLP gains have accelerated and price is above key resistance at 751.20 next, Jan 13 high. This reinforces current bullish conditions and sets the scene for a climb towards 760.00 and 777.00 further out, Nov 24 2020 high. Initial support is seen at 737.49, May 25 high and a recent breakout level.

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