CLP: Bullish Medium-Term

The Chilean peso has continued to appreciate in recent weeks on the back of US dollar weakness, combined with a robust external sector. The unit recently broke through seven-year trendline resistance at CLP513/US$ and is currently trading at CLP508/US$. Having retraced from a high of CLP507/US$, there is potential for a move back as the US dollar recovers from oversold territory short-term. That said, in the event of a retracement, multi-year trendline support exists at

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