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USDCLP Surges To Fresh Cycle Highs

  • Despite the softer open, the higher-than-expected US inflation data prompted USDCLP to swiftly close the gap to Wednesday’s closing level.
  • The renewed broad greenback strength and pressure on emerging market currencies has provided further impetus for USDCLP bulls, with the pair printing fresh cycle highs of 935.43, marking an impressive 12.8% rally following the initiation of monetary easing in July.
  • Technically, the pair maintains a bullish tone, strengthened by the breach of 926.51, the Nov 28 high. Moving average studies are in a bull-mode position and a positive price sequence of higher highs and higher lows remains intact.
  • Further up, focus is now placed on 944.89, the 76.4% retracement of the Sep 26 2022 - Feb 3 bear leg. Initial support at the 20-day EMA now lies at 907.05.

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