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USD/MXN Making Further Progress After Bullish Wednesday Close

MXN
  • Some early action in USD/MXN, with weaker equity futures and the bullish candle close for USD/MXN yesterday helping fuel further gains for the pair here. Yesterday's close cemented a close above downtrendline resistance drawn off the mid-March highs.
  • Pair is now up 0.9% on the session, with upside accelerating on the break of the 50-dma resistance (had held well on numerous tests in July, May and early April) to touch the best levels since July 7th.
  • Next upside levels cross initially at 17.2412 - the 23.6% retracement for the March - July downleg as well as 17.3959, the Jul 7 high.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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