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USDCLP Edging Towards Next Resistance Level As Bulls Remain In Driver’s Seat

CHILE
  • Despite a moderately weaker open, USDCLP maintains a firmer tone following the latest extension of the recovery that started Dec 1. The break of resistance at 902.28, the Dec 26 high, has strengthened a short-term bullish condition and the pair is within close proximity of 924.67, the Nov 13 high.
  • As noted, clearance of this level would signal scope for an extension towards 955.00, the Oct 16 high. On the downside, initial firm support lies at 870.45, the Dec 29 low. Key support and the bear trigger have been defined at 854.93, Dec 1 low.
  • There are no economic data releases in Chile for the rest of this week, leaving the US CPI print as the key driver of short-term price action.

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