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MEXICO: USDMXN to Fresh Session Lows Amid Greenback Retreat

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • The latest uptick for major equity indices has weighed on the USD index, with EURUSD trading back to unchanged on the session and the broader sentiment supporting the Mexican peso through the best levels of the day. As such, USDMXN slips below 20.19 and now hovers just above the 20-day EMA around 20.15.
  • Our technician continues to highlight that the Nov 6 pullback and the follow through on Nov 7, continues to highlight a potential short-term top. This may expose firm support at the 50-day EMA, at 19.8161. A clear breach of this average would signal potential for a deeper retracement towards 19.0666, the Sep 18 low.
  • A reminder that Banorte expect a weekly USDMXN range between 20.00 and 20.70.
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  • The latest uptick for major equity indices has weighed on the USD index, with EURUSD trading back to unchanged on the session and the broader sentiment supporting the Mexican peso through the best levels of the day. As such, USDMXN slips below 20.19 and now hovers just above the 20-day EMA around 20.15.
  • Our technician continues to highlight that the Nov 6 pullback and the follow through on Nov 7, continues to highlight a potential short-term top. This may expose firm support at the 50-day EMA, at 19.8161. A clear breach of this average would signal potential for a deeper retracement towards 19.0666, the Sep 18 low.
  • A reminder that Banorte expect a weekly USDMXN range between 20.00 and 20.70.