Analysts at Commerzbank, see the USD/MXN falling towards the August low at 18.4052, below which beckons the April low at 17.93.
Key Quotes:
“USD/MXN’s slide towards the 18.4487/18.3090 support zone is ongoing. It is made up of the November low and the January and February 2017 as well as the August 2018 troughs. This area is likely to soon give way with the April low at 17.9399 then being in sight. Around it some stabilization is likely to kick in.”
“The 2016-18 support line at 17.8359 would be eyed and then the July, August and September 2017 lows at 17.6095/17.4465.”
“Resistance can be seen between the 55- and 200-day moving averages and the late September high at 18.8867/19.0570. While trading below this area, immediate downside pressure should be maintained. Further resistance can be spotted at the 19.1681 mid-July high and also at the 19.3747 August peak as well as at the
September peak at 19.6855.”
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