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USD/MXN hits 1-week highs near key 20.25 zone

  • Mexican peso falls against the dollar, but less than other emerging market currencies.
  • USD/MXN with limited upside as long as it remains below 20.25.

USD/MXN is rising modestly on Wednesday and continues to pressure the second half of August highs near 20.25. The cautious climate in financial markets is being a negative factor for emerging currencies, including the Mexican peso.

The dollar on Wednesday presents mixed results, but against those of emerging markets it shows mostly rises. The Mexican peso is far from the worst.

on wall streetthe main indices rise around 0.30%, holding close to recent lows. Commodities have trimmed losses in the last hour but remain under pressure. The Petroleum falls more than 2%.

In the US, the ADP employment report was released on Wednesday, showing an increase in jobs of 132,000, below the 288,000 expected. On Thursday the manufacturing ISM will come out and on Friday the official employment report for August, with the payrolls being agricultural.

Banxico will provide the quarterly report for the second quarter on Wednesday. The next meeting of Bank of Mexico It is September 29, and the doors are open for another rise of 75 basis points, which would go to 9.25%.

USD/MXN had fallen to 20.08, but then rebounded and climbed to 20.23, the highest in a week. The pair then lost steam and is trading around 20.15, slightly bullish. The break of 20.25 could enable more rallying in the short term. The next resistance is at 20.45.

Technical levels

USD/MXN

Overview
Today last price 20.1718
Today Daily Change 0.0186
Today Daily Change % 0.09
Today daily open 20.1532
trends
Daily SMA20 20.0836
Daily SMA50 20.2826
Daily SMA100 20.1619
Daily SMA200 20.3834
levels
Previous Daily High 20.2081
Previous Daily Low 19.9114
Previous Weekly High 20.2483
Previous Weekly Low 19.8495
Previous Monthly High 21.0539
Previous Monthly Low 20.0921
Daily Fibonacci 38.2% 20.0947
Daily Fibonacci 61.8% 20.0247
Daily Pivot Point S1 19.9737
Daily Pivot Point S2 19.7942
Daily Pivot Point S3 19.6771
Daily Pivot Point R1 20.2704
Daily Pivot Point R2 20.3876
Daily Pivot Point R3 20.5671

Source: Fx Street

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