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TECHS: LatAm FX Price Signal Summary: USDMXN, Still Heading South

EMERGING MARKETS
  • USDMXN is softer again today as the pair extends recent weakness.
    • A bearish theme follows the recent clear break on Mar 31 of trendline support drawn off the Jan 21 low. Bears have since not looked back.
    • Furthermore, price has traded through the Mar 18 low of 20.2829 - a former key support. The break strengthens a bearish argument and today, support at 19.8924, Feb 15 low, has been probed. A clear break would open 19.5494, Jan 21 low.
    • On the upside, resistance is at 20.2427, Apr 13 high.
  • USDBRL has pulled back from recent highs.
    • The pair remains below trendline support drawn off the Dec 14 low. However a confirmed clear break is still missing. This would signal a stronger reversal and expose support at 5.4499.
    • Note too that price action since Mar 9 appears to be trading within a triangle. This pattern is potentially a bullish one - a break of 5.7558, Apr 13 high would confirm a bullish pattern breakout and signal scope for a climb towards 5.8743, Mar 9 high and a key resistance.
    • Key near-term support is unchanged at 5.5396, Apr 8 low.
  • USDCLP remains weak and still in a downtrend. The pair Friday probed a key support at 699.19, Feb 24 low. This signals scope for weakness towards the primary support at 693.00, Jan 6 low. A break of this level would confirm a resumption of the broader downtrend that started March 2020. Initial resistance is at 714.50, Apr 13 high.
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