USD/MXN: Immediate downside pressure will be maintained – Commerzbank

According to Axel Rudolph, senior analyst at Commerzbank, USD/MXN continues to be side-lined above the January low at 18.8787, which they still expect to give way with the mid-October low at 18.7312 and the August and October troughs as well as the 200 week moving average at 18.5017/4052 then being in focus.

Key Quotes

“This area we expect to hold, at least for a few days or so. Should this not be the case, we would also expect the April 2018 low at 17.9399 to be reached.”

“Immediate downside pressure will be maintained while no rise above the January 22 high at 19.2410 is seen.”

“Minor resistance above this level comes in along the 200 day moving average at 19.4763 and also at the 19.6855 September high with still further resistance being seen along the 55 day moving average at 19.6190. Key resistance remains to be seen at the 20.4720/6574 October-to-December highs.”

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