USD/MXN: Chart of the day
|After the USDMXN broke the 200dma we'd expect some near term consolidation. However, the long term bounce from the key 19.5700 level support was significant the last couple weeks. 1. It created a false breakdown below the support that was formed April/May. 2. The lows from a couple weeks back also matched the early 2021 lows in January (19.54XX). At this time we'd expect the 200dma and the May 4th highs near the 20.3300 to offer near term support for the bulls.
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