In response to Axel Rudolph, senior analyst at Commerzbank, USD/MXN continues to be side-lined above the January low at 18.8787.
“This we nonetheless anticipate to quickly give manner with the mid-October low at 18.7312 and the August and October troughs in addition to the 200 week transferring common at 18.5017/4052 then being in focus. This space we anticipate to carry, not less than for a couple of days or so. Ought to this not be the case, we might additionally anticipate the April 2018 low at 17.9399 to even be reached.”
“Quick draw back strain will likely be maintained whereas no rise above the January 22 excessive at 19.2410 is seen. Minor resistance above this stage is available in alongside the 200 day transferring common at 19.4746 and likewise on the 19.6855 September excessive with nonetheless additional resistance being seen alongside the 55 day transferring common at 19.7334.”
“Key resistance stays to be seen on the 20.4720/6574 October-to-December highs.”