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USDMXN Breaks Support, Trades Below 19.00 For First Time Since Feb 2020

MEXICO
  • USDMXN continues to trade with a downward bias amid the overall weaker greenback sentiment and on Wednesday broke below a key support level at 19.0401, the Nov 29 low. This represents a near three-year low for the pair and significantly the lowest level since the early onset of the pandemic in February 2020.
    • As noted, the near-term technical outlook for USDMXN remains bearish the break confirms a resumption of the broader bear cycle. This opens 18.7835, the 1.382 projection of the Jul 14 - Sep 12 - Sep 28 price swing last year and below here the major support resides at 18.5237, the 2020 low.

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