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USDMXN Continues Downward Trajectory

MEXICO
  • The Mexican Peso has remained steadily bid overnight. USDMXN continues its downward trajectory following a break of support and the bear trigger at 19.7197, down 0.4% on the day and at the lowest levels since mid-January. Renewed optimism following the mid-term elections has been evident as markets weigh the fact President's AMLO's strict energy initiatives will face a much rockier road ahead.
    • From a trend perspective, the outlook is bearish, and the break strengthens this negative scenario for the pair. Initial target is 19.5494, Jan 21 low and a primary support.
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