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CHILE: USDCLP Bull Cycle Remains In Play, BCCh Traders Survey, Dec PPI This Week

CHILE
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  • USDCLP is trading in a tight range around 1006 early on Monday, as the market awaits President-elect Trump’s inauguration later and any initial executive orders he announces. Analysts note that CLP could come under pressure from second-round effects if China is targeted more aggressively or if commodity prices decline as a result of an escalation of the trade war.
  • A bull cycle in USDCLP remains in play, with sights on 1020.18 next and 1026.48, the 1.236 and 1.382 projection points of the Nov 7 - 12 - Dec 6 price swing. Initial support is at the 20-day EMA at 1001.60, while firm support is at 986.60, the 50-day EMA.
  • No macro data are due today, as the calendar remains light ahead of the January 28 BCCh monetary policy meeting. Before that meeting, the central bank will publish its latest traders survey on Thursday, including market participants interest rate forecasts, while December PPI inflation figures cross on Friday. Recent survey data have indicated that the central bank is expected to pause its easing cycle this month, amid near-term inflation pressures.
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  • USDCLP is trading in a tight range around 1006 early on Monday, as the market awaits President-elect Trump’s inauguration later and any initial executive orders he announces. Analysts note that CLP could come under pressure from second-round effects if China is targeted more aggressively or if commodity prices decline as a result of an escalation of the trade war.
  • A bull cycle in USDCLP remains in play, with sights on 1020.18 next and 1026.48, the 1.236 and 1.382 projection points of the Nov 7 - 12 - Dec 6 price swing. Initial support is at the 20-day EMA at 1001.60, while firm support is at 986.60, the 50-day EMA.
  • No macro data are due today, as the calendar remains light ahead of the January 28 BCCh monetary policy meeting. Before that meeting, the central bank will publish its latest traders survey on Thursday, including market participants interest rate forecasts, while December PPI inflation figures cross on Friday. Recent survey data have indicated that the central bank is expected to pause its easing cycle this month, amid near-term inflation pressures.