According to Axel Rudolph, analyst at Commerzbank, USD/MXN is expected to consolidate below its May peak at 19.8267 in the course of this week.
Key Quotes
“Over the next few weeks the September 2016 and December 2017 highs at 19.9048/19.9234 may still be reached, however. Further up the early and mid-December lows can be spotted at 19.9874/20.0091.”
“Still further up the November and December peaks can be made out at 20.6353/20.6574. Slips should find support between February and late March highs at 19.4780/22.”
“Further support comes in along the 200 day moving average at 19.3479.”
Share
