USD/MXN gains momentum and approaches monthly high above 22.50
|- Mexican peso turns negative despite Wall Street gains.
- USD/MXN up for the sixth time out of the last seven trading days.
The USD/MXN turned to the upside after the beginning of the American session and climbed to 22.64 hitting a fresh daily high. It remains near the daily high and also slightly below the one-month high it reached last week at 22.70.
From a technical perspective, the USD/MXN strengthened after rising back above 22.50. The bias continues to point to the upside and a break above 22.70 would expose 22.95. On the downside, 22.30 is again a support level to watch followed by the 50-day moving average at 21.95.
The US dollar is posting mixed results. It is mostly lower versus G10 currencies. The worst performer is the Turkish lira that fell to new all-time lows. The Russian ruble is also under pressure. Over the last five trading days, the USD/MXN gained 4.35%, one of the biggest gainers across the globe.
Precaution continues to drive investors in emerging markets. In Wall Street, main indexes are rising by more than 1.25%. On Tuesday, the first US presidential debate between Trump and Biden will take place. The Mexican peso is exposed to US politics.
Technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.