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USDCLP Extending Recovery on Copper, Appears To Be Correction

CHILE
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • Yesterday’s significant bounce for USDCLP has extended at today’s open, with another sharp retracement lower for copper futures weighing on the peso. Thursday’s rally extends the most recent recovery to roughly 2.5% off the week’s lows.
  • Overall, a bear trend in remains intact and bearish price action across May reinforces these conditions. The break of support at 935.63, the Mar 15 low, marked an important technical breach and highlighted a stronger reversal. 886.96, the 76.4% retracement of the Dec 1 ‘23 - Feb 26 bull leg, was recently tested.
  • The subsequent recovery has seen the 20-day EMA be pierced. The next resistance to watch is 931.66, the 50-day EMA and the latest recovery appears to be a correction - for now.
  • On the data front, latest activity data for April crosses on Friday, including retail sales, IP and copper production.

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  • Yesterday’s significant bounce for USDCLP has extended at today’s open, with another sharp retracement lower for copper futures weighing on the peso. Thursday’s rally extends the most recent recovery to roughly 2.5% off the week’s lows.
  • Overall, a bear trend in remains intact and bearish price action across May reinforces these conditions. The break of support at 935.63, the Mar 15 low, marked an important technical breach and highlighted a stronger reversal. 886.96, the 76.4% retracement of the Dec 1 ‘23 - Feb 26 bull leg, was recently tested.
  • The subsequent recovery has seen the 20-day EMA be pierced. The next resistance to watch is 931.66, the 50-day EMA and the latest recovery appears to be a correction - for now.
  • On the data front, latest activity data for April crosses on Friday, including retail sales, IP and copper production.