- Mexican peso without significant changes against the dollar on Wednesday.
- USD / MXN in consolidation mode, without moving away from 20.30.
USD / MXN is trading around 20.20, with a small low for the day, and holding close to the four-week intraday highs that it reached at 20.32 on Tuesday. It marked a low for the day at 20.17.
The USD / MXN rises have weakened in recent sessions but still have a bias in favor, although with less momentum. The pullback is being driven by a downward correction in the dollar against most emerging market currencies. The rise in the stock markets and some stability around the yields of the Treasury bonds, help the demand for riskier assets.
Short-term outlook
The dollar could not hold for the moment on the important resistance that can be seen between 20.25 and 20.30. In case of affirming above, the cross would be ready to extend the upward path, with a possible objective in the 20.45 area.
In the opposite direction, at 20.05 is the first significant support. Below the focus goes to 19.90, which if it were to yield, would point to a strengthening of the Mexican peso.
Technical levels
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