- The US dollar rises marginally by 0.15% against the Chilean peso, consolidating within yesterday’s operating range.
- Copper rebounds 1.24% and reaches two-day highs.
- The ADP employment report came in at 143,000 jobs in September, beating analyst consensus.
USD/CLP hit a daily low at 901.76, where it found buyers who took the pair to a daily high at 906.85. Currently, the US Dollar is trading above 904.84 against the Chilean Peso, gaining 0.15% daily.
Chilean Peso loses traction after US ADP employment report
The USD/CLP trades higher for the second consecutive session after an increase of 143,000 jobs, placing it above the 103,000 registered in August and the 120,000 estimated, based on information presented by Automatic Data Processing.
On the other hand, the price of copper is trading at $4.6023 per pound, gaining 1.25% on the day, reaching two-day highs and remaining at levels not seen for almost three months.
Technical levels in the USD/CLP
USD/CLP formed short-term support at 894.25, given by the September 30 low. The next key support is seen at 881.85, the pivot point of May 20.
The key resistance zone is at 961.00, the August 2 high, in convergence with the 78.6% Fibonacci retracement.
The Relative Strength Index is located at 37.53, within oversold levels, so selling pressure dominates the outlook in the short term.
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.
