- The US dollar lost 0.16% against the Chilean peso, reaching a minimum of more than four months at 894.25.
- Copper loses 1.87%, after reaching highs not seen since May 30 at $4.6904.
The USD/CLP marked a session high at 901.80, where it found sellers that took the pair to a low not seen since May 22 at 894.25. Currently, the US Dollar is trading above 897.90 against the Chilean Peso, falling 0.16% daily.
Copper falls after reaching four-month highs
The USD/CLP signs its eighth consecutive day lower, reaching minimums of more than four months not seen since May 22 at 894.25.
In the same vein, the price of copper registered a drop of 1.87% to trade at $4.4690, after visiting four-month highs not seen since May 30 at $4.6904 per pound.
The drop in the price of copper follows the publication of China’s NBS Manufacturing PMI, which stood at 49.8, slightly higher than the estimated 49.5 and the 49.1 recorded in August.
Technical levels in the USD/CLP
The USD/CLP maintains the bearish outlook, reacting downward from a resistance located at 961.00, given by the August 2 high in convergence with the 78.6% Fibonacci retracement.
We observe the closest support at 881.85, the minimum of May 20 in confluence with the 23.6% Fibonacci retracement. The next key support level is at 855.80, the December 1, 2023 pivot point.
The Relative Strength Index is at 30.57, well below the midline of 50, reaching oversold levels. The strength of the selling pressure is likely to push the pair to the key support of 881.85 in the near 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.
