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TECHS: LatAm FX Price Signal Summary: USDMX Remains Vulnerable

EMERGING MARKETS
  • USDMXN remains in bear mode.
    • The pair last week confirmed a clear break of trendline support drawn off the Jan 21 low, highlighting scope for a deeper pullback.
    • Attention is on the Mar 18 low of 20.2829. This level has been probed and a clear break would strengthen a bearish argument and expose the 20.00 handle.
    • On the upside, resistance is seen at 20.7883, Mar 29 high ahead of the key level at 20.9695, Mar 24 high.
  • The USDBRL outlook remains bullish. This follows strong gains between Mar 19 - 29 and the most recent pullback is considered corrective. Attention is on 5.8743, Mar 9 high.
    • On the downside, a move below 5.4499, Mar 19 low is required to reinstate a bearish threat.
    • Initial support however lies at 5.5861, 61.8% retracement of the Mar 19 - 29 rally.
  • USDCLP is firmer today but remains below resistance at 743.10, Mar 8 high. Support at 713.97, Mar 22 low has been probed. A clear break though is required to reinstate a bearish threat. On the upside, a move above 743.10, Mar 8 high would expose 751.20, Jan 13 high.
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