Senior Analyst at Commerzbank Axel Rudolph suggested the pair’s bullish outlook is in place as long as the 19.6855/19.5769 band underpins.
Key Quotes
“USD/MXN‘s advance is ongoing with it expected to rise above the October high at 20.4720, a rise above which will have the 2017-18 resistance line at 20.6367 and also the June peak at 20.9612 in its sights”.
“We will retain our once again overall bullish forecast while the September high and the current November low at 19.6855/19.5769 underpin on a daily chart closing basis”.
“Were this support area to unexpectedly be slipped through, the 55- and 200-day moving averages at 19.2441/19.1085 would be in focus”.
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