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TECHS: LatAm FX Price Signal Summary: USDMXN Probes Support

EMERGING MARKETS
  • USDMXN is softer today and has probed support at 19.601, the Jan 6 low.
    • Recent gains stalled at the 50-day EMA at 20.1676 - a clear breach of this average is required to signal a reversal.
    • On the downside and with support under pressure, USDMXN is likely to weaken towards 19.5000 and 19.3601. The latter is the 1.618 projection of the Aug - Sep 18 - Sep 24 price swing.
  • USDBRL is consolidating but remains heavy. The pair reversed course last week, trading sharply lower, leaving key resistance at 5.5257, the Nov 13 high intact. The 20-day EMA has been breached, further weakness would open 5.1210, the Jan 4 low.
  • USDCLP maintains a bullish tone following recent gains.
    • The focus on 757.18, 76.4% of the Nov 24 - Jan 6 downleg.
    • Initial support lies at 726.20, Jan 14 low.
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