Karen Jones, analyst at Commerzbank, explains that the USD/MXN bounced off the 2018-19 support line at 18.8762 towards the August high and the 200 day moving average at 19.3747/4468.
Key Quotes
“Minor resistance above the 200 day moving average at 19.4468 comes in at the 19.6855 September high with still further resistance being seen along the 55 day moving average at 19.9287.”
“Key resistance remains to be seen at the 20.4720/6574 October-to-December highs.”
“Below the current January low at 18.8787 lie the mid-October low at 18.7312 and the August and October troughs at 18.5017/4052. This area we expect to hold, if it were to be retested anytime soon.”
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