- Mexican peso remains weak against the dollar.
- USD / MXN with bullish and firm bias, testing 20.35.
- The market is waiting for Powell’s speech at the Jackson Hole symposium.
The USD / MXN continues to trade with an upward bias, although contained by the 20.35 zone for the time being. The Mexican peso remains weak in the market, although losses are limited for the moment.
The Sustainability of the cross above the 200-day SMA area at 20.10, a level that also represents horizontal support, continues to leave the bias to the upside from a technical point of view. A drop below would ease upward pressures.
At the moment the USD / MXN is facing difficulties in exceeding 20.35, which has become immediate resistance. If affirmed above, the next level to consider is the current month high at 20.46, which protects the 20.55 barrier. Technical indicators support the upside bias, with daytime RSI heading north, still below overbought, and price above key moving averages, which have turned bullish.
Data for the United States released Thursday was not far from expectations. Both the unemployment benefit requests and the GDP report for the second quarter (6.6%) did not generate surprise. The focus and expectation of the market is centered on what will be the speech of Jeorme Powell, the chairman of the Federal Reserve on Friday at the Jackson Hole symposium. It will be closely followed for guidance on the future of the shopping program. These words are expected to have high influence on the market.
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.
