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Short-Lived Bounces For USDMXN Highlight Bearish Technical Outlook

  • Short-lived corrective bounces for USDMXN clearly highlight bearish sentiment and a sequence of lower lows and lower highs remains intact. Attention is on the support at 20.2517, Nov 9 low and 20.1196, Oct 26 low.
  • Mexico’s electoral agency validated the necessary signatures to hold a referendum this year on whether President Andres Manuel Lopez Obrador should complete his term, which officially ends in 2024, local news outlet Radio Formula reported on Tuesday.
  • Mexico registered a record daily rise of 49,343 new Covid-19 cases and general hospital bed occupancy rose by 3ppt to 34%, according to data from the Health Ministry.
    • Hospital occupancy in the capital of Mexico City has doubled in the past two weeks with the spread of the highly contagious omicron variant.

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