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- USD/MXN eyes a dip to the January low at 19.5488 - Commerzbank
USD/MXN eyes a dip to the January low at 19.5488 - Commerzbank
FXStreet reports that Axel Rudolph, Senior FICC Analyst at Commerzbank, suggests that the USD/MXN pair targets the May low at 19.7191 – a slip through which would eye the January trough at 19.5488.
“USD/MXN’s bearish reversal from its current June high at 20.2139 put the May low at 19.7191 back on the plate. Once slipped through, the December-to-January lows at 19.7002/19.5488 will be targeted but may well hold once more.”
“Below the 19.7002/19.5488 area, the 2017-2021 support line can be found at 19.0759.”
“We will retain our bearish medium-term forecast while the currency pair remains below the May high at 20.3300.”
“Above the May high at 20.3300 meanders the 200-day moving average at 20.4801."
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