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TECHS: Price Signal Summary: USDCLP Bullish Conditions Remain Intact

LATAM FX
  • USDMXN is unchanged and activity remains within its recent range. The outlook is bearish and attention is on key support at 19.5987, Jun 9 low where a break would strengthen a bearish case and open 19.5494, Jan 21 low. Price needs to get above 20.2153, Jun 24 high to alter the picture.
  • USDBRL is pulling away from recent highs. The pair recently breached the 50-day EMA however it has failed to hold onto recent highs and is again below the 50-day EMA. Further weakness would highlight a bearish theme and expose 5.00 plus the Jun 25 low of 4.8934. This latter level is a key support. A break of 5.3130, Jul 8 high would resume bullish pressure instead.
  • The USDCLP outlook remains bullish and price is recovering from recent lows. Attention is on the key resistance and bull trigger at 757.60, Jun 22 high - this level was probed on Jul 8. A clear break would confirm a resumption of the recovery that started May 10 and open 769.99, Nov 30, 2020 high. Note the immediate bull trigger is the recent high of 759.45 on Jul 8. Key support is at 722.25, Jun 30 low. Initial support is at $739.62, the 20-day EMA.
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