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USDCLP Resumes Ascent Post Minutes Release

CHILE
  • The strong relief rally for the Chilean peso on Wednesday is immediately being reversed following the dovish leaning minutes that confirm the aggressive easing stance of the BCCh. USDCLP has risen to 965 in recent trade from the 957.75 close.
  • USDCLP maintains a positive tone overall and Tuesday’s fresh trend-high reinforced current conditions. Last week’s breach of key resistance at 955.00, the Oct 16 ‘23 high has confirmed a resumption of the medium-term uptrend and opens 985.84 next, the Oct 25 ‘22 high. Pullbacks remain to be considered corrective, with initial support moving up to 944.76, the 20-day EMA.

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