USD/MXN looks for support in moving averages

Source: Dukascopy Bank SA


Since the last review of the USD/MXN pair conducted in the middle of June, the USD/MXN has been trading between the support of the 1.1960/1.1980 zone and the range at 20.85/21.06. During the second half of July, the currency pair bounced off the resistance zone and declined to the 20.20 level.

A continuation of the decline might look for support in the 20.00 mark, before approaching the 1.1960/1.1980 zone. Further below, note the late May low level at 1.1942.

On the other hand, a resumption of the recovery of the US Dollar against the Mexican Peso would face resistance in the 20.85/21.06 zone. Higher above, note the 21.50 and 22.00 levels, which acted as resistance in March, December and November.
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