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USDMXN Support At 18.50 Continues To Hold

MEXICO
  • The psychological 18.50 level in USDMXN was tested a few times during Tuesday’s session but the technical support level continues to remain in place. The pair has since bounced and is outperforming the USD index strength, having risen 0.65% as of writing.
  • The overall trend outlook remains bearish, with a key short-term resistance having been defined at 19.2906, the Feb 6 high where a break is required to threaten the downtrend and highlight a reversal.
  • On the downside, key support and the bear trigger is at 18.50, a break of which resumes the technical downtrend. Below here we have, 18.4050 as initial support, however, more significant support is further out at 17.9401, the 2018 lows.
  • As noted, there are no major economic data releases in Mexico this week and therefore the primary driver will be overall greenback/EMFX sentiment with focus turning to the US retail sales data.
  • Finance Minister Rogelio Ramirez de la O to participate in a Bancomext and Nafin event on financing programs.
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