In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the Mexican Peso could depreciate to the 21.05/21.2918 band vs. the greenback.
Key Quotes
“USD/MXN has eroded its May peak at 20.0474 and eroded the 20.1316/20.1591 area, made up of the mid-November and December 2016 lows and the March 2017 high”.
“Further up sits the November 2016 high at 21.2918 and ahead of here lies the 78.6% retracement at 21.0500″.
“We will retain our short-term bullish forecast while the May 28 low at 19.4531 underpins”.
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