- The US Dollar gains 0.29% against the Chilean Peso, reaching two-day highs at 904.43.
- Copper starts the month by rising 1.00%, oscillating within yesterday’s operating range.
- Chile’s Monthly Economic Activity Index grew 2.3% in August, being below the 4.2% registered in July.
USD/CLP set a day’s low at 897.91, attracting aggressive buyers who took the pair to a two-day high at 904.43. At the time of writing, the US Dollar is trading at 901.42 against the Chilean Peso, up 0.29% on the day.
Copper consolidates at almost three-month highs
The USD/CLP trades higher, ending a streak of eight consecutive days of decline, bouncing from the September 30 low at 894.25.
On the other hand, copper shows a rise of 1.00%, trading above $4.5637 per pound and consolidating in a range between 4.4176 and 4.6904, an area that had not been visited since July.
According to information from the Central Bank of Chile, the monthly economic activity index (IMACEC) for August increased by 2.3%, explained by the increase in the services and mining sector.
Technical levels in the USD/CLP
The USD/CLP reacted higher at short-term support located at 894.25, given by the September 30 pivot point. The next key support is at 881.85, the May 20 low that coincides with the 23.6% Fibonacci retracement.
We observe the closest resistance at 932.25, the maximum of September 18 and close to the 50% Fibonacci retracement.
The Relative Strength Index is located at 36.29, below the median line of 50 and close to oversold levels, so it is not ruled out that sellers will resume the bearish trend and reach lower levels.
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.
