Axel Rudolph, analyst at Commerzbank, believes that the USD/MXN cross has the September 2016 and December 2017 highs at 19.9048/19.9234 in its sights.
Key Quotes
“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.”
“Minor resistance en route can be encountered at the 19.8097 December 20 low. 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 19.3447.”
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