Free Trial

USDCLP Bull Cycle Extending, Breaches 900.00

CHILE
  • USDCLP traded higher last week, and technical conditions remain bullish. A key resistance at 872.75, the Aug 18 high, has been cleared and the break confirms a resumption of the uptrend which has now breached the psychological 900.00 mark. Next on the topside is 912.67, the 61.8% retracement of the Sep ‘22 - Feb ‘23 bear leg. Key support is at the 50-day EMA - at 846.12. The 20-day EMA lies at 865.85.
  • Earlier, the central bank economist survey revised the year-end prediction to 8.00% from 7.50%, however this is in line with the broad consensus as well as the central bank’s expected rate corridor in the latest IPoM.
  • There is a very light domestic calendar ahead with the next notable event, the release of the central bank minutes on September 22. This leaves broader global themes and the significant US CPI release in focus for local market participants.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.