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USDCLP Path Of Least Resistance Remains Higher

CHILE

USDCLP higher on the open, strengthening 0.9% to 736. This comes following the news of the likely delay of the April elections. Continued concerns around the spike in cases, tighter restrictions and mxn weakness weighing on the Chilean Peso in early trade. Additionally, with the absence of Hacienda dollar supply, combined with BCCh $40 million daily purchases, the path of least resistance appears to be higher.

  • Level to note on the topside is 743.10, Mar 8 high. Clearance of which may expose 751.20, Jan 13 high.

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