- Mexican peso remains strong, one of the top performers over the last seven days.
- USD/MXN heads for lowest close in a month, looking at 23.25/30.
The USD/MXN pair dropped to 23.44, hitting the lowest intraday level since April 15. It then quickly rose back above 23.50 and as of writing, trades at 23.55, down 3.50% from the level it had a week ago.
The Mexican peso continues to outperform and is the biggest gainer of the last seven days among the most traded currencies. The key driver has been the improvement in the market sentiment. Wall Street is posting mixed results on Tuesday but is more than 3% higher from seven days ago.
A slide of the US dollar also weakened the USD/MXN. Despite the rally of USD/JPY, the DXY drops 0.20%, off lows after bouncing from weekly lows. Economic data from the US released on Tuesday, together with Powell and Mnuchin’s testimony were mostly ignored by market participants.
The USD/MXN bounced from the lows, finding resistance at 23.65. The bias will continue to point to the downside as long as it holds under 24.10/20. So far, the pair remains supported by the 23.50 area. A consolidation under 23.45 would clear the way toward 23.20.
|Today last price||23.6237|
|Today Daily Change||-0.1332|
|Today Daily Change %||-0.56|
|Today daily open||23.7569|
|Previous Daily High||24.0472|
|Previous Daily Low||23.4581|
|Previous Weekly High||24.4133|
|Previous Weekly Low||23.5513|
|Previous Monthly High||25.7809|
|Previous Monthly Low||23.2825|
|Daily Fibonacci 38.2%||23.6832|
|Daily Fibonacci 61.8%||23.8222|
|Daily Pivot Point S1||23.4609|
|Daily Pivot Point S2||23.165|
|Daily Pivot Point S3||22.8718|
|Daily Pivot Point R1||24.0501|
|Daily Pivot Point R2||24.3432|
|Daily Pivot Point R3||24.6392|
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