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USDCLP Reverses Higher, Narrows In On Cycle High

CHILE
  • Despite the initial weakness at today’s open, the yield-inspired greenback recovery has prompted a substantial reversal higher for USDCLP on Wednesday. Session highs of 977.00 came within close proximity of the recent cycle highs of 978.00, and price action further underpins the bullish technical backdrop.
  • As noted, markets will be looking at 985.84 next, the Oct 25 ‘22 high, before more notable resistance just shy of the 1000 mark (multiple highs from the second half of 2022). January PPI data is scheduled tomorrow, however, more important unemployment and activity data will cross next week.

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