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Risk Bounces - USDMXN Grinding Towards Psychological 20.00

MEXICO

USDMXN breaks Monday's lows and eyes break of 20.00.

  • Equities grind higher off worst levels, DXY at lows of the day driven by EURUSD running stops through 1.1853 morning highs up to 1.1868.
  • USDMXN weathers the bout of risk off and continues its turnaround, 1.5% off its highs.
  • Breaks most recent lows at 20.1545 and now has 20.0339 Election level in sights.
  • A break of psychological 20.00 level may gather momentum for mxn bulls.
  • March lows at 19.15 cannot be ruled out as target over the coming sessions/weeks.
  • MNI Price swing projection supports in between come in at 19.85 and 19.60.

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