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TECHS: LatAm FX Price Signal Summary: USDMXN Needle Points North

EMERGING MARKETS
  • USDMXN maintains a firmer tone following 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. Thursday's low of 20.3274 marks initial support.
  • USDBRL trend conditions remain bearish with attention on support around the 5.00 handle that was again probed Friday. 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 .

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