The USD/MXN pair weighs on the 20.0756/0337 support area below which lies more support at 19.9048/6215, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports. Key quotes “USD/MXN weighs on the 78.6% Fibonacci retracement at 20.0756 and the current November low at 20.0299 with more significant support seen between December 2017, September 2018, March, June, late September and November 2019 highs as well as the 200-week moving average at 19.9048/6215 thus being targeted. We expect this major support area to hold. If not, the April, October and November 2017 highs at 19.3736/2961 would be eyed.” “Resistance above the 20.6927/8437 September and October lows and November 13 high comes in between the June trough and the 55-day moving average at 21.1656/4609 and also at the current November peak at 21.9803. While it caps on a daily chart closing basis, overall downside pressure should retain the upper hand.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD Price Analysis: Further upside now look to 1.1920 FX Street 2 years The USD/MXN pair weighs on the 20.0756/0337 support area below which lies more support at 19.9048/6215, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports. Key quotes “USD/MXN weighs on the 78.6% Fibonacci retracement at 20.0756 and the current November low at 20.0299 with more significant support seen between December 2017, September 2018, March, June, late September and November 2019 highs as well as the 200-week moving average at 19.9048/6215 thus being targeted. We expect this major support area to hold. If not, the April, October and November 2017 highs at 19.3736/2961 would be eyed.” “Resistance above the 20.6927/8437 September… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
