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Analysts at Commerzbank, point out USD/MXN remains side-lined above the August low at 18.4052 below which, attention could turn to the April low at 17.9399

Key Quotes:  

“USD/MXN’s slide towards the 18.4487/18.3090 support zone, made up of the November low and the January and February 2017 as well as the August 2018 troughs, has so far taken it to its current October low at 18.5017 before recovering. Further range trading above the 18.5017/18.3090 area but below the August and current October highs at 19.1994/3747 is expected to be seen this week.”

“While remaining below the 19.6855 September high the 18.5017/18.3090 area is likely to eventually give way with the April low at 17.9399 then being in sight. Around it some stabilisation is likely to be seen. If not, the 2016-18 support line at 17.8421 would be eyed and then the July, August and September 2017 lows at 17.6095/17.4465.”