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TECHS: Price Signal Summary: USDMXN Needle Still Points South

LATAM FX
  • USDMXN is firmer today but price activity remains within its recent range. The outlook is bearish. 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 remains firm and the near-term outlook is bullish. The pair has recently breached the 50-day EMA and a continued push higher 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. 5.0756, the Jul 7 low marks initial support.
  • The USDCLP outlook remains bullish. 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. Key support is at 722.25, Jun 30 low. Initial support is at $737.79, the 20-day EMA.
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