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TECHS: LatAm FX Price Signal Summary: USDMXN Is Firmer But Remains Below Resistance

EMERGING MARKETS
  • USDMXN rebounded yesterday but continues to trade within the high - low range of the past month. From a trend perspective, the outlook remains bearish and attention is on support at 19.7197, May 18 low and the bear trigger. A break of support would strengthen a bearish case and open 19.5494, Jan 21 low and a primary support. Key resistance has been defined at 20.3270, May 4 high.
  • USDBRL remains under pressure and sold off sharply yesterday. This week's break of support at 5.1979, May 10 low confirms a resumption of the downtrend and paves the way for weakness towards 5.0107 next, Dec 14 low. A firm near-term resistance is at 5.3740, high May 24. Initial resistance is $5.1979. Note too that USDBRL has this week also breached the base of a broad channel drawn off the Jun 8 low. This reinforces current conditions.
  • USDCLP outlook is bullish despite the recent extension lower. A bullish theme follows sharp gains that resulted from the reversal off 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.
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