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30 Mar 2015
Potential top formed in USD/CLP – TDS
FXStreet (Edinburgh) - Strategists at TD Securities believe a top could have formed in USD/CLP.
Key Quotes
“USDCLP’s broader rally has shown signs of flagging through March—right around the market taking back a little more than 3/4 of the 683/455 drop in the USD seen through 2008/2011”.
“Short-term price action suggests a minor top in place but the USD has failed to make even new, shorty-term cycle lows and the broader (weekly), bull trend remains technically constructive; there is little obvious sign at this point that a major peak is in place”.
“Below 6.14 would be a “heads up” of a more serious dip possibly unfolding but solid, weekly trend support at 603.40 currently will be the real test for a USD breakdown”.
Key Quotes
“USDCLP’s broader rally has shown signs of flagging through March—right around the market taking back a little more than 3/4 of the 683/455 drop in the USD seen through 2008/2011”.
“Short-term price action suggests a minor top in place but the USD has failed to make even new, shorty-term cycle lows and the broader (weekly), bull trend remains technically constructive; there is little obvious sign at this point that a major peak is in place”.
“Below 6.14 would be a “heads up” of a more serious dip possibly unfolding but solid, weekly trend support at 603.40 currently will be the real test for a USD breakdown”.