USD/MXN respects moving averages

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The USD/MXN currency exchange rate has been trading between the 50 and 200-day simple moving averages since mid-December. The exception to the rule was the short piercing of the 50-day SMA on January 28.

Most recently, it appears that the rate is getting squeezed in between the support of the 200-day SMA near 20.35 and the resistance of the 50-day SMA near 20.64. In theory, the pressure on the pair is set to build up until a break-out either up or down occurs. A break-out usually takes the form of a sharp move.

A breaking out to the upside would face the resistance of the zone at 20.89/20.98 and the 21.00 mark. If the pair passes above the 21.00 mark, it could aim at the 22.00 level and the November high at 22.15.

On the other hand, a decline of the USD against the Mexican Peso might immediately look for support in the lower trend line of the 2021 channel up pattern near 20.20. Further below, take into account the 2021 low level zone at 19.60/19.80.
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