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USDCLP Bridging Gap With Tuesday’s Close

CHILE
  • We have seen a move higher for USDCLP over the past hour following a marginally weaker open. The pair is now bridging the gap to Tuesday's close following the very weak open seen on Wednesday, prompted by the softer-than-expected US inflation data. A move to 815.75 would be required to fill the gap.
  • Overall, the USDCLP price action on Tuesday and the piercing of 815.47, the May 25 high was a bullish technical development. A sustained break of this level would signal scope for a climb towards 825.20, the Apr 10 high, ahead of the key short-term resistance at 837.15, the Mar 17 high. Initial key support has been defined at 794.09, the Jul 4 low.
  • President Gabriel Boric starts his first official trip to Spain, France and Switzerland ahead of an EU-CELAC Summit on July 17-18 in Belgium. There are no data releases for either Friday or next week which places the focus on the next BCCh meeting on July 28, where the central bank are expected to commence the easing cycle.

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