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USDCLP Breaches Trendline Support, Tests 50-day EMA

CHILE
  • USDCLP is currently down 1.2% and has breached trendline support as well as the pre-election lows on December 17 below 837.
  • The trendline is drawn from last year's May 10 low and crosses at 839.58. Key support is now seen at the 50-day EMA that intersects at 835.16, briefly tested today but will be eyed on a closing basis.
  • Additionally, the first Fibonacci retracement support comes in at 832.29, close to today’s low print of 833.90.
  • Ongoing political developments such as the cabinet appointments of President-elect Gabriel Boric are likely to remain in focus.
  • CPI data also released this Friday will garner interest ahead of the Jan 26 central bank meeting. Annual CPI is expected to rise to 6.9& in December from 6.7% in Nov.

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