- USD/CLP has reacted slightly lower at the key resistance of 940.00.
- Copper continues its downward trend, trading at $4.39, losing 0.82% on the day.
The USD/CLP marked a daily high during the European session at 941.62, finding sellers that took the pair to a low at 936.33 on the day. At the time of writing, the price of the US Dollar against the Chilean Peso is trading at 938.97, losing 0.10% on the day.
Copper maintains the bearish trend and falls to two-month lows
The price of copper has fallen to lows not seen since April 18, reaching $4.36. Metal prices reflect the weak global manufacturing recovery. The slowdown in demand in China has been a key factor, despite measures to boost the real estate sector that appear to be insufficient or have no effect in the short term.
The lack of demand for copper has been reflected in the depreciation of the Chilean Peso in the short term, being the first producer of the metal in the world.
Technical levels in the USD/CLP
The parity has formed a short-term consolidation between 945.18 and 936.33, identifying the first support at 905, given by the retracement to 78.6% Fibonacci. The nearest resistance zone remains at 968.00, converging with the 23.6% Fibonacci retracement.
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.
