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USDCLP Approaching Key Resistance Amidst Copper Price Weakness

CHILE
  • The Chilean peso is underperforming at the start of the week, currently trading ~0.6% weaker against the dollar, amidst a further slide in copper prices. Copper is down another 1.5% today, leaving it more than 11% below its July 5 high.
  • At around 952, USDCLP is currently trading at its highest level since the end of June. Having cleared initial resistance at 931.48, the 50-day EMA, late last week, the pair is narrowing the gap to key resistance and the bull trigger at 956.73, the Jun 27 high.

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