- The US dollar loses 0.07% against the Chilean peso, trading near September lows.
- Copper is down 0.28% after hitting highs not seen since July 15 at $4.5171.
The USD/CLP marked a session high of 915.21, attracting aggressive sellers who pushed the pair to an intraday low of 912.99. At the time of writing, the US Dollar is trading at 913.15 against the Chilean Peso, down 0.07% on the day.
The Chilean peso is trading higher, approaching the highest level of the month against the US dollar
The USD/CLP fell for the fifth consecutive session, close to testing the pivot point of September 2 at 910.80. On the other hand, the price of copper showed a slight drop of 0.28%, trading at $4.47 per pound, after reaching ten-week highs not seen since July 15.
The recent rise in copper prices is due to the new economic policies announced by the People’s Bank of China, which are intended to revive the economy by lowering domestic interest rates and the bank capital reserve ratio. The market has taken these measures positively, although there is still no set date for their implementation.
Technical levels in the USD/CLP
The USD/CLP remains in a bearish trend, establishing a short-term resistance at 930.40, given the high of September 19. The next important resistance is seen at 951.88, the pivot point of September 10.
The key support level is located at 904.25, the low of August 27. The Relative Strength Index is at 38.39, below the midline of 50, confirming the strength of the selling pressure with intentions to test the key supports in the next sessions.
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.
