USD/MXN remains below 20.00, in the area of ​​weekly highs

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  • The Mexican peso validates Friday’s rises against the dollar.
  • USD/MXN with support at 19.90m followed by 19.80.

USD/MXN remains below 20.00, giving signs of strength for the Mexican peso. The pair started off at weekly lows around 19.90, before bouncing back toat 20.02, but quickly pulled back towards 19.95. The short-term bias continues to the downside.

USD/MXN support is seen at 19.90, followed by 19.80 and then 19.73. The bearish tone is expected to remain intact as long as the pair continues below 20.17. The break of 20.25, with a confirmation would leave the dollar ready to extend the rises.

Firm dollar, but not against MXN

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The dollar hit a decade high against major currencies, but emerging market currencies are holding up somewhat, even as financial markets remain cautious. In Europe, the main markets lose more than 1%. Wall Street does not operate on Monday because it is a US holiday.

Non-trading in the US is expected to keep volume limited on Monday, which may contribute to more limited rallies in USD/MXN.

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The key data of the week in Mexico will be known on Thursday with the inflation figures for August. The annual rate would reach 8.66%, well above the objective of Bank of Mexicowhich has its next meeting on September 29 and is expected to raise the rate by 75 basis points to 9.25%.

Technical levels

USD/MXN

Overview
Today last price 19,964
Today Daily Change 0.0155
Today Daily Change % 0.08
Today daily open 19.9485
trends
Daily SMA20 20.0368
Daily SMA50 20.2895
Daily SMA100 20.1677
Daily SMA200 20.36
levels
Previous Daily High 20.2069
Previous Daily Low 19.9258
Previous Weekly High 20.2946
Previous Weekly Low 19.9114
Previous Monthly High 20.8261
Previous Monthly Low 19.8019
Daily Fibonacci 38.2% 20.0332
Daily Fibonacci 61.8% 20.0995
Daily Pivot Point S1 19.8473
Daily Pivot Point S2 19.7461
Daily Pivot Point S3 19.5663
Daily Pivot Point R1 20.1283
Daily Pivot Point R2 20.3081
Daily Pivot Point R3 20.4093

Source: Fx Street

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