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TECHS: USDMXN Outlook Remains Bearish

LATAM FX
  • USDMXN outlook remains bearish and the pair is trading lower. Price recently cleared all relevant retracement levels of the rally between Jun 9 - 18. Attention turns to the key support at 19.5987, Jun 9 low. Price needs to get above 20.2153, Jun 24 high to ease the current bearish pressure.
  • The USDBRL needle continues to point south. The pair recently cleared the psychological 5.00 handle. This reinforces bearish conditions and the focus is on 4.8187, Jun 8 2020 low. Near-term resistance is at 5.1386, Jun 11 high.
  • USDCLP continues to trade in a volatile manner. A near-term bearish risk remains intact following the sharp reaction off 757.60, Jun 22 high and despite the most recent gains. Further weakness would open 713.80, Jun 8 low and a key short-term support. Initial resistance is at 742.71, yesterday's high. 757.60 is a key resistance.

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