- USD/CLP recorded a low at 883.85, reaching levels from January 4.
- The Chilean peso appreciates for the sixth consecutive day.
USD/CLP marked a high of 894.34 during the European session. However, during the American session aggressive sellers have been present, taking the pair to a five-month low at 883.85.
The Chilean peso appreciates encouraged by the rise in the price of copper
The Latin American country is the largest producer of copper in the world, so its currency has benefited from the increase in the price of the raw material. China's economic plan aims to reactivate its real estate sector, thus increasing demand for the metal.
Technical levels in the Chilean Peso
The bearish trend of USD/CLP remains strong, approaching the first support at 875.00, in confluence with the price action and the retracement to 78.6% Fibonacci. The second support is at 841.00, low of August 25, 2023. The closest resistance is found at 960.50, high of the session of May 1, 2024.
Chilean Peso daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
