EM LATAM CREDIT: America Movil: EUR 5Y - FV

• USDCNH is approaching a key support area highlighted by; 7.1441, the July 24 low and 7.1455, the 61.8% Fibonacci retracement of the bull cycle between Sep 26 ‘24 and Apr 8.
• A clear breach of both price points would confirm a resumption of the bear leg that started on Apr 8.
• This would pave the way for an extension towards the 7.10 handle.
• Note that moving average studies are in a bear-mode position, highlighting a dominant medium-term downtrend.
• Initial resistance to watch is 7.1869, the 50-day EMA.

• RES 4: $41.064 - 1.764 proj of the Apr 7 - 25 - May 15 swing
• RES 3: $40.285 - 1.618 proj of the Apr 7 - 25 - May 15 swing
• RES 2: $40.000 - Psychological round number
• RES 1: $39.655 - 1.500 proj of the Apr 7 - 25 - May 15 swing    
• PRICE: $38.924 @ 08:25 BST Aug 25
• SUP 1: $37.229/36.216 - 50-day EMA / Low Jul 31 
• SUP 2: $35.285 - Low Jun 24
• SUP 3: $33.940 - 50.0% retracement of the Apr 7 - Jul 23 bull leg  
• SUP 4: $32.958 - Low Jun 2

Trend signals in Silver are unchanged and remain bullish. Prices have recently recovered off support at the 50-day EMA, now at $37.229. A clear break of the average is needed to strengthen a short-term bearish threat and allow for a deeper retracement. This would open $35.285, the Jun 24 low. For bulls, the resumption of gains opens the next objective at $39.655 a Fibonacci projection.

• RES 4: 1.4111 High Apr 10  
• RES 3: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg 
• RES 2: 1.3968 High May 20
• RES 1: 1.3925 High Aug 22
• PRICE: 1.3829 @ 08:07 BST Aug 25
• SUP 1: 1.3797 20-day EMA 
• SUP 2: 1.3771/22 50-day EMA / Low Aug 22
• SUP 3: 1.3576 Low Jul 23
• SUP 4: 1.3557/40 Low Jul 3 / Low Jun 16 and the bear trigger 

Gains last week in USDCAD and the breach of resistance at 1.3879, the Aug 1 high, continues to highlight a bullish phase. Moving average studies have recently crossed and are in a bull-mode position, strengthening the current uptrend. An extension higher would signal scope for a climb towards 1.4019, a Fibonacci retracement. On the downside, support to watch lies at 1.3771, the 50-day EMA.