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- Further pressure on Copper in recent trade is weighing on the Chilean peso, exacerbating the strong turn lower for the currency during yesterday's session.
- Additionally, the unsettled political and policy backdrop combined with some marginally dovish BCCh minutes last week, where the central bank said they discussed either holding or raising rates at the July meeting, continue to act as a CLP headwind.
- With the most recent highs currently being breached above 772.70, the tech focus remains on 777.00, the Nov 24, 2020 high.
- Above here strong resistance in the form of the 50% retracement from the March 2020 – May 2021 price swing comes in at 784.59.
- A continuation of this trend may then target some old highs above the 800 level. We highlight a recent note from LarrainVial where they expect CLP to weaken to 800/USD within 9 months, published last week.