Free Trial

USDMXN Hovers Above Key Support, North American Leaders Summit

MEXICO
  • US President Joe Biden, Canada Prime Minister Justin Trudeau and Mexico President AMLO will give statements at the North American Leaders’ Summit in Mexico City’s National Palace.
    • Yesterday, it was reported that Biden and AMLO discussed increased cooperation to prosecute drug traffickers, dismantle criminal networks, and prevent trafficking of drugs, arms, and people across shared border.
    • They reaffirmed their joint commitment to address migration issues.
  • The near-term outlook for USDMXN is bearish following last week’s price action. Attention is on 19.0401, a key support and the Nov 29 low. A break of this level would confirm a resumption of the broader bear cycle and initially open 18.9734, the 1.236 projection of the Jul 14 - Sep 12 - Sep 28, price swing last year.
    • On the upside, key resistance has been defined at 19.5882, the Dec 30 high. A break of this hurdle would be a bullish development.

To read the full story

Close

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.