The USD / MXN has fallen to the 78.6% Fibonacci retracement at 20.0756, below which there is good support at 19.9048 / 19.6215, reports Axel Rudolph, FICC Senior Technical Analyst at Commerzbank.
Key Comments:
“The USD/MXN continues to slide and has reached the 78.6% Fibonacci retracement in 20.0756. In this area the crossing can stabilize. If this were not the case, more significant support could be reached between the highs of December 2017, September 2018, March, June, the end of September and November 2019, as well as the 200-week moving average in 19.9048 / 19.6215but it is expected to remain. ”
“Resistance above the lows of September and October 20.8310 / 20.8437 is between the June low and the 55-day moving average in 21.4383 / 21.4609 and also at the current November high in 21.9803. As long as these levels limit the rise in a daily close, the general downward pressure should continue ”.
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Credits: Forex Street
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