Chilean Peso trades without significant changes ahead of key economic data release

• USD/CLP gains marginally 0.06% on the day.
• Copper rises 1.09% and signs its third consecutive session on the rise.
• The US agenda includes the publication of the Gross Domestic Product, as well as the Personal Consumption Expenditure Price Index, this week.
• Investors will be keeping an eye on the release of Chile’s unemployment rate and industrial production on Thursday and Friday, respectively.

The USD/CLP set a daily low at 904.25 where it found aggressive buyers who pushed the pair to a daily high at 909.3. At the time of writing, the US dollar is trading at 907.33 against the Chilean Peso, up 0.08% on the day.

Chilean Peso trades unchanged awaiting relevant economic data

The USD/CLP is trading within the trading range of the previous session, with no significant changes in its price. Investors will be focused on the publication of the US Gross Domestic Product on Thursday, as well as the Personal Consumption Expenditure Price Index on Friday.

On Thursday, the National Institute of Statistics of Chile will publish the Unemployment Rate for July, whose last reading in June was 8.3%. Likewise, the Industrial Production for July will be announced, which registered a fall of 1% in June.

Copper rose 1.09%, posting its third consecutive session of gains, reaching a daily high of $4.27.

Technical levels in the USD/CLP

We see resistance at 941.25, given by the August 16 high in convergence with the 50% Fibonacci retracement. The closest support is at 904.90, the pivot point of July 15. The next support zone is at 881.85, the low of May 20. The Relative Strength Index at 33.58, shows very active selling pressure with clear intentions to explore lower prices.

Chilean Peso Daily Chart