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TECHS: Price Signal Summary: USDCLP Holds Onto Its Gains

LATAM FX
  • The recent consolidation in USDMXN appears to be a correction. The outlook is bearish. Attention is on key support at 19.5987, Jun 9 low where a break would strengthen a bearish case. Price needs to get above 20.2153, Jun 24 high to alter the picture.
  • USDBRL is firm as the current corrective bounce extends. The pair has breached the 50-day EMA. A continued push higher would signal scope for a stronger rally near-term. This would open 5.3839, 50.0% of the Mar - Jun sell-off. A failure to hold onto gains above the EMA would instead signal a potential top and if confirmed, would expose 4.8934, the Jun 25 low.
  • USDCLP has rallied sharply higher this week and is holding onto gains. The continued recovery highlights a developing bullish theme and attention is on the key resistance and bull trigger at 757.60, Jun 22 high. A break would negate the recent bearish focus and instead confirm a resumption of the recovery that started May 10. A move higher would open 769.99, Nov 30, 2020 high. Key support has been defined at 722.25, Jun 30 low.
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