June 03, 2024 10:24 GMT
USDMXN Extending Higher Ahead of NY Crossover, Rises 2.5%
MEXICO
- USDMXN has extended intra-day gains to 2.5% in recent trade and has breached the late April highs and the 17.40 handle in the process. Aforementioned risks surrounding a MORENA supermajority are likely underpinning the most recent rally, with positioning dynamics likely exacerbating the bullish extension. Immediate levels to watch on the topside are as follows:
- Res 1: 17.5698 - 61.8% retracement of the Apr 19 - May 21 downleg
- Res 2: 17.8459 - 76.4% retracement of the Apr 19 - May 21 downleg
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