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USDCLP Pierces Key Support

LATAM FX
  • The trend outlook in USDMXN is bearish and Tuesday’s move lower reinforced this condition. The break of support at 19.2509, the Nov 15 low, has confirmed a resumption of the broader downtrend that started in Nov 2021. Note that moving average studies are in a clear bear mode position, highlighting current market sentiment. The focus is on 19.00. A break of this level would pave the way for weakness towards 18.7835, the 1.382 projection of the Jul 14 - Sep 12 - Sep 28 price swing. Firm resistance is seen at 19.5928, the Nov 21 high.
  • USDBRL remains below its recent highs and Wednesday’s extension lower highlights a bearish threat. The pair recently breached resistance at 5.4286, the Sep 29 high and pierced 5.5142, the Jul 21 high and a medium-term bull trigger. A clear break of the latter is required to cancel a bearish theme and instead signal scope for a stronger move higher near-term. Initial firm support at 5.2445, the Nov 10 low, has been breached. The move lower exposes 5.0108, the Sep 29 / 30 low.
  • USDCLP continues to trade below its recent highs and has traded lower this week. Resistance to watch is 958.44, the Nov 3 high. A break of this level would signal scope for a stronger recovery towards 996.97, the Sep 26 high. On the downside, key support and the bear trigger at 880.85, the Nov 11 low, has been pierced. Clearance of this support would open 849.75, the Sep 5 low.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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