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TECHS: LatAm FX Price Signal Summary: USDCLP Pulls Away From Recent Lows

EMERGING MARKETS
  • USDMXN remains above recent lows. The outlook however is bearish. The pair last week breached 19.7197, May 18 low and the bear trigger. This confirmed a resumption of the downtrend. The focus is on 19.5494, Jan 21 low and a primary support. Key resistance is seen at 20.2132, Jun 4 high where a break is required to alter the picture.
  • USDBRL conditions remain bearish with attention on support at 5.0107, Dec 14 low. A clear break of this level would reinforce bearish conditions and open 4.8187 further out, Jun 8 2020 low. Near-term resistance is at 5.1574, the 20-day EMA.
  • USDCLP remains above recent lows and is firmer today. The outlook is bullish despite recent weakness. This follows sharp gains 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 at 710.46, May 18 low. A break would be bearish.
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