- USD/CLP loses 0.05% on the day.
- Copper rises 1.30% and hits two-day highs.
- Investors will be keeping an eye on the release of Chile’s Consumer Price Index (CPI), due out tomorrow.
The USD/CLP marked a daily high at 943.86 finding sellers who pushed the pair to a daily low at 939.10. At the time of writing, the US dollar is trading at 942.81 against the Chilean Peso, down 0.05% on the day.
Copper price rebounds to two-day high
Copper has reacted upwards, reaching highs of September 3, establishing short-term support at $4.00, currently trading at $4.10, gaining 1.30% today.
On the other hand, the USD/CLP is trading without significant changes, remaining within yesterday’s operating range pending the inflation data for August. The consensus of analysts expects Chile’s CPI to be 0.26% below the 0.7% recorded in July.
Technical levels in the USD/CLP
The USD/CLP reacted to the upside at a support located at 904.25, given by the low of August 27. The next key support is at 881.85, pivot point of May 20, which converges with the 23.6% Fibonacci retracement. The closest resistance is at 961.00, high of August 2, which converges with the 78.6% 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.
