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Free AccessUSDMXN Breaks Support, Trades Below 19.00 For First Time Since Feb 2020
- 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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.