USD/MXN reaches above April high levels

Source: Dukascopy Bank SA


Despite reaching below the 2021 low level zone in late May and early June, the USD/MXN rate did not sharply decline. At the start of June the markets found out that the US Consumer Price Index inflation measure is still at record highs. The fact indicated that the US Federal Reserve is set to increase US base interest rates for the US Dollar higher than expected. The event caused a surge of the US Dollar, which reached above the April high level and the 20.50 mark.

On June 15, the US Federal Reserve hiked interest rates by 0.75% and hosted a press conference. During the events and on June 16, the pair has been highly volatile in the 20.23/20.70 area. Meanwhile, the pair ignored the 200-day simple moving average at 20.45 and the 20.50 level.

In regards to the near term future, the pair could surge and test the resistance of the 2022 channel down pattern near 20.75. Above the trend line note the 20.85/21.00 zone, which has acted both as support and resistance.

On the other hand, a decline of the US Dollar against the Mexican Peso could look for support in the combination of the 20.00 level and the 50-day simple moving average, prior to once again approaching the 2021 low level zone at 19.60/19.80 and the 2022 low level at 19.43
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