- Mexican peso remains stable against the dollar at the start of the week.
- Better tone in the markets limits the rises of the USD / MXN.
The USD / MXN is moving in sideways on Monday, no significant change and trading around 9.30pm. The better mood in the markets helped limit the bullish tone of the cross. The expectation is focusing on the US.
Tuesday is the election and the results could have an impact on emerging market assets. The latter, and especially some currencies such as the Turkish lira and the Brazilian real, have been experiencing significant declines. The Mexican peso for the moment remained on the sidelines, although it fell against the dollar, it did so at a slower pace.
The economic data may be in the background at this time, although it helped the positive tone of Monday in the stock markets, after having had the worst week since March.
Technical overview
In the short term, the bias is bullish, with resistance around 21.32, which protects the most important area that is around 21.50. A close of the USD / MXN above this last level would point to more rises with a target at 21.80.
The bullish tone in the very short term would lose moment to take a fall below 21.00. Below, the key level is the zone immediately above 20.80, which contained the lows in September and October.
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Credits: Forex Street
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