Price of the Dollar in Chile today, October 10: The Chilean Peso is trading higher after US inflation data.

• The US dollar operates with losses of 0.11% against the Chilean peso, reaching two-day lows.
• The US Consumer Price Index stood at 2.4% in September, down from 2.5% in August.
• The price of copper recovers 0.22% daily, supporting the recent appreciation of the Chilean Peso against the Dollar.

USD/CLP set a day’s high at 934.70, where aggressive sellers stepped in and took the cross to a session low of 930.51. At the time of writing, the US Dollar is trading at 932.33 against the Chilean Peso, falling 0.11% daily.

The Chilean peso gains ground after inflation data from the United States

The Chilean peso reacted upward after it was announced that the US CPI stood at 2.5% year-on-year in September, lower than the 2.5% recorded in August and slightly higher than the 2.3% estimated by the consensus of analysts.

According to information presented by the United States Department of Labor, weekly requests for unemployment benefits reached 258,000 in the week ending October 4, exceeding the estimated 230,000 and the 225,000 reached in the week ending October 27. September.

On the other hand, copper gains 0.22% on the day, thus ending a streak of three consecutive downward sessions, trading above $4.3941 per pound.

Technical levels in the USD/CLP

The USD/CLP reacted lower at a short-term resistance located at 936.75, given by the October 9 high in confluence with the 50% Fibonacci retracement. We find key resistance at 951.88, the pivot point of September 10.

To the downside, we see a key support zone at 907.39, in confluence with the 23.8% Fibonacci retracement. This area is attractive to buyers as they have reacted higher before. The next key support is seen at 894.25 low of September 30, where the recent bullish rally originated.

Chilean Peso Daily Chart