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TECHS: Price Signal Summary: USDMXN Extends Short-Term Gains

LATAM FX
  • USDMXN adds to this week's gain and the pair has traded above 20.1618, the Jul 8 high. Gains are still considered corrective and the next resistance is at 20.3504, 61.8% of the recent Jun 18 - 25 downleg. A break would suggest scope for stronger gains. On the downside, the bear trigger is at 19.7059.
  • USDBRL is holding onto this week's gains and the recovery that started Jul 15. The focus is on resistance at 5.3130, Jul 8 high where a break would trigger stronger gains and open 5.3740, high May 24. On the downside, initial support is at 5.0550, Jul 15 low. A break would be bearish and expose 5.00 plus the Jun 25 low of 4.8934. This latter level is a key support.
  • The USDCLP outlook remains bullish and price is trading near recent highs. Monday's gains resulted in a break of 759.45, Jul 8 high to extend the bullish price sequence of higher highs and higher lows and maintain the uptrend. This opens 777.00, the Nov 24, 2020 high. Support has been defined at 741.56, Jul 12 low.
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