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TECHS: LatAm FX Price Signal Summary: USDMXN Outlook Remains Bearish

EMERGING MARKETS
  • USDMXN maintains a bearish tone.
    • This follows the clear break on Mar 31 of trendline support drawn off the Jan 21 low. The break highlights scope for a deeper retracement.
    • The pair has also cleared the Mar 18 low of 20.2829 - a former key support level and this strengthens a bearish argument, exposing the 20.00 handle.
    • On the upside, resistance is at 20.4974, Apr 1 high.
  • USDBRL Holds onto recent gains.
    • The pair last week traded below trendline support drawn off the Dec 14 low - the trendline intersects at 5.6471 today.
    • A clear break of the line would signal a potentially 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.
    • 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 trading closer to recent lows. The pair last week breached support at 713.97, Mar 22 low. This move lower opens 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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