The Chilean Peso Appreciates and Reaches a Thirteen-Day High

  • USD/CLP falls 0.84%, reaching lows not seen since September 3.
  • Copper is up 0.31% today, hovering near two-month highs.

The USD/CLP reached a daily high of 930.67, attracting sellers who pushed the pair to a thirteen-day low of 921.85. Currently, the US Dollar is trading above 922.83 against the Chilean Peso, losing 0.84% ​​on the day.

Chilean Peso Strengthens, Reaches Three-Week High

The USD/CLP signs its third consecutive session on the decline, visiting lows not seen since September 3, gaining strength against the Dollar after the Federal Reserve’s decision to cut the interest rate by 50 basis points and place it in a range of 4.75% and 5.00%.

The rate cut has led to a rebound in the price of copper, which is up 0.31% on the day, trading at $4.30 per pound and holding close to the two-month high of $4.35 reached on September 20.

Technical levels in the USD/CLP

The USD/CLP reacted lower at a short-term resistance located at 951.88, given by the pivot point of September 10. The closest support is located at 904.25, the low of August 27 that converges with the 23.6% Fibonacci retracement. The next key support level is seen at 881.85, given by the low of May 20. The Relative Strength Index is at 43.98, below the midline of 50, showing an increase in selling pressure with intentions to reach the key support of 910.00.

Chilean Peso Daily Chart

Source: Fx Street

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