USD/MXN: Testing a key support at 23.25 – Credit Suisse
|USD/MXN is seeing a key test of support from the lower end of its range at 23.25/22.84, analysts at Credit Suisse report.
Key quotes
“Even though the market is currently under pressure, the USD/MXN range still looks more like a bullish ‘triangle’ continuation pattern.”
“Above 25.79 is needed to add weight to the bullish view and complete the ‘triangle’ for a move to 26.26, ahead of 27.00, where we would expect to see fresh sellers at first.”
“Key support at 23.25/22.84 needs to hold to maintain the range. Below though would, in contrast, suggest a top has been completed to turn the medium-term risks back lower, with support seen at 22.15/04 next, then 21.30.”
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.