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MEXICO: USDMXN Bounces Following Test of Support At The 20-Day EMA

MEXICO
  • The strong performance for the peso on Monday has been unwound today, amid a firmer greenback and less settled backdrop for emerging market currencies. USDMXN has risen 1.35% at typing to 18.20, extending momentum above 18.10 in recent minutes.
  • No specific headlines driving the move with volatility remaining high following the election.
  • The current bull cycle in USDMXN remains in play and the pullback from the Jun 12 high still appears to be a correction. Support to watch lies at 17.9786, the 20-day EMA. It has been pierced, however, a clear break would be needed to expose the 50-day EMA at 17.5048. 
  • On the topside, a resumption of gains would open the 19.00 handle and if this level gives way, it would expose 19.2083, the 50.0% retracement point of the Nov 26 ‘21 - Apr 9 ‘24 bear cycle.
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