USD/MXN reveals resistance zone

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


Since the last review done on February 14, the USD/MXN currency exchange rate declined and found support in the marked channel up pattern's lower trend line. Afterwards, a surge started, which passed the previous 2022 high level at the start of March and eventually almost reached the 21.5000 mark. On March 8, the rate declined and with it revealed a resistance zone at 21.35/21.47.

At the time of review on March 14, the pair was finding support in the previous 2022 high level zone at 20.85/21.00. Future forecast scenarios are based upon whether the support zone holds.

If the US Dollar recovers against the Mexican Peso, the pair is highly likely going to approach the 21.35/21.47 zone. A move above the zone might test the 2021 high level zone at 22.00/22.20.

However, a decline of the currency exchange rate might look for support in the 50 and 200-day simple moving averages near 20.60 and 20.50, before approaching the lower trend line of the 2021 channel up pattern.
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