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TECHS: LatAm FX Price Signal Summary: USDMXN Downtrend Extends

EMERGING MARKETS
  • USDMXN maintains a bearish tone and is trading lower again today.
    • A bearish theme follows the clear break on Mar 31 of trendline support drawn off the Jan 21 low.
    • The pair has also cleared the Mar 18 low of 20.2829 - a former key support level and this strengthens a bearish argument. The focus is on 19.8924, Feb 15 low.
    • On the upside, resistance is at 20.3805, Apr 5 high.
  • USDBRL has pulled back from recent highs.
    • The pair last week traded below trendline support drawn off the Dec 14 low - the trendline intersects at 5.6548 today.
    • A clear break of the line would signal a stronger reversal and expose support at 5.4499.
    • The recovery on Apr 8 and this week though is the first sign the trendline break may be a false one.
    • On the upside, a break of resistance at 5.8064, Mar 29 high would confirm a resumption of bullish activity.
    • Key near-term support is unchanged at 5.5396, Apr 8 low.
  • USDCLP is still trading closer to recent lows. The pair last week breached support at 713.97, Mar 22 low signalling scope for weakness towards 699.19, Feb 24 low. On the upside, a move above resistance at 743.10, Mar 8 high is required to highlight a bullish development and expose 751.20, Jan 13 high. Initial resistance is at 721.90, Apr 5 high.
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