In view of Axel Rudolph, Senior Analyst at Commerzbank, the pair is expected to face some downside pressure in the near term. Key Quotes “USD/MXN has risen to its current June peak at 20.9612 before swiftly coming off to its 20.0474 May peak”. “We thus believe that an interim top has been formed which is why we decided to neutralize our forecast”. “The December peak at 19.9048 is expected to be tested this week, below which meanders the 55 day moving average at 19.5094. Together with the late May low at 19.4531 it is likely to offer support”. “While the 19.5094/19.4531 area underpins we will retain a longer-term bullish forecast”. “Resistance above the breached three month support line at 20.5092 sits at the recent high at 20.9612, a currently unexpected rise above which would put the November 2016 high at 21.2918 on the cards”. 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 USD/CHF hits 1-1/2 week lows, around 0.9870 FX Street 3 years In view of Axel Rudolph, Senior Analyst at Commerzbank, the pair is expected to face some downside pressure in the near term. Key Quotes "USD/MXN has risen to its current June peak at 20.9612 before swiftly coming off to its 20.0474 May peak". "We thus believe that an interim top has been formed which is why we decided to neutralize our forecast". "The December peak at 19.9048 is expected to be tested this week, below which meanders the 55 day moving average at 19.5094. Together with the late May low at 19.4531 it is likely to offer support". "While the… Top 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.
