- Mexican peso among the best performing currencies on Wednesday.
- USD / MXN maintains a downtrend and continues to press the support at 19.70.
USD / MXN fell to 19.69 reaching the lowest level since March, but quickly returned above 19.70. Hours ago the crossing had reached 20.11. The rise in the stock markets together with the weakness of the dollar keep the pair weak.
The Mexican peso is among the emerging currencies on Wednesday the one that is having the best performance. The electoral result in the US, together with the rise in the equity markets, have favored the peso.
Economic data from the US was below expectations, especially ADP employment, but this did not have an impact on market sentiment. The Federal Reserve minutes will be released later Wednesday.
From a technical point of view, USD / MXN remains in a firm downtrend and is testing key support at 19.70. In case of affirming below, it would enable a bearish extension with a possible objective in the area of ​​19.45 / 50. The downtrend will continue as long as it remains below 21.30, which is where an eight-month downtrend line is passing.
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
