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USDCLP Support Remains Unchanged at 935

CHILE
  • Despite the uptick in core yields on Wednesday, the Chilean peso ended stronger on the session, exhibiting further resilience that has seen it notably outperform peers over the last two weeks. Some analysts have noted that this outperformance continues to signal a classic carry trade unwind.
  • Price action sees USDCLP edge closer to initial support, which remains unchanged at 935.63, the Mar 15 low. A clear break of this level would highlight a stronger reversal and signal scope for an extension towards 922.80 initially, 50.0% of the Dec 1 ‘23 - Feb 26 bull leg.

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