USD/CLP Update: Improvement

The weekly down trend has come to an end, offering the US Dollar more room for recovery. 680 and the more important pivots around 731 are the first levels to watch out for. Do not allow for a drop back below 620.50 since this will be a clear sign of weakness. Potential isn’t too large but the minor dips do offer some buying opportunities.

For a renewed long-term uptrend much more is needed, such as a break above 731.

  • Near term trend: positive
  • Long term trend: neutral
  • Outlook: back to neutral, some improvement
  • Strategy: avoid or light trading-buy
  • Support: 620.50 / 890-
  • Resistance: 680 / 731+
  • Outlook cancelled/neutralized below 620.50

Weekly chart US Dollar / Chilean Peso 

11 APR 2018

The trends on the near term and longer term remain bearish after hitting the first projection at 614. Next down side levels to keep an eye on are 547 and the hefty 520.75 area.

Expect more outperformance of CLP versus the USD and especially versus BRL.

  • Near term trend: negative
  • Long term trend: negative
  • Outlook: mature down trend, moderately negative
  • Strategy: hold-short with trailing stops (>621)
  • Support: 578.40 / 547 / 520.75-
  • Resistance: 621 / 647 / 672
  • Outlook cancelled/neutralized above 621

Weekly chart USD/CLP