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TECHS: USDCLP: Bearish Extension

CHILE

The pair is lower today with price trading below 718.67, Dec 18 low.

  • This confirms once again a resumption of the underlying downtrend and paves the way for weakness towards 707.52, a Fibonacci projection.
  • Key near-term resistance has been defined at 736.70, Monday's high - Downside support and objective are:
    • SUP 1: 707.52 1.236 proj of Oct 15 - Nov 9 - Nov 24 price swing
    • SUP 2: 702.06 76.4% retracement of the Feb 2019 - Mar 2020 rally

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