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USDMXN Consolidating Gains Above 19.00

MEXICO
  • The peso has been consolidating its sharp declines over the past week with USDMXN remaining buoyant above the 19.00 level.
  • Monday’s sharp rally marked an extension of the recent recovery. Technically, price has breached both the 20- and 50-day EMAs and the next key short-term resistance is at 19.2906, the Feb 6 high.
  • A break would pave the way for strength towards the 19.50 handle and 19.5882, the Dec 30 high. 18.5265, the 20-day EMA, is the first support to watch.
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