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USDMXN Testing Above 19.00 Mark, Advances 2.35%

MEXICO
  • USDMXN is holding onto the bulk of its session gains, once again testing above the 19.00 handle and narrowing the gap with the week’s highs just shy of 19.20.
  • Monday’s sharp rally marked an extension of the recovery that started last week. 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. 18.4176, the 20-day EMA, is the first support to watch.
  • In local news, President AMLO called anti-drug policies in the U.S. a failure on Wednesday, speaking at his daily press briefing. He has asked Mexican scientists to research a substitute for fentanyl in medical care, proposing it be banned for medical use in Mexico and in the United States. Lopez Obrador has grappled in recent days with the issue of fentanyl, which has become a major security concern.
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