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Free AccessLate Dip For USDMXN, Prints Fresh Trend Lows
- After consolidating the post US CPI weakness below the 17.00 handle, USDMXN (-0.34%) has spent Friday slowly grinding lower and in the process has registered fresh trend lows of 16.7672 as of writing.
- Price action earlier in the week confirmed a resumption of the primary downtrend and marks a continuation of the bearish price sequence of lower lows and lower highs. The target of 16.7758, the 1.764 projection of the Jun 2 - Mar 9 - Mar 20 price swing, has now been achieved. The 2.00 projection level lies at 16.4472 and will be the next significant support level. Resistance to watch is at the 50-day EMA, which intersects at 17.3692. A clear break of this average would be required to signal a reversal.
- Retail sales is the only notable data point next week which should leave the Peso at the mercy of broader global themes as we approach the July 26 FOMC decision.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.