- The Mexican peso falls slightly against the dollar, but continues with a favorable outlook.
- USD / MXN is still testing the 20.00 zone, which contains the lows for the time being.
USD / MXN is rising for the third consecutive way on Monday, but it is doing so modestly and remains near the 20.00 zone, with the bearish tone intact. The price climbed to 20.10 reaching the highest level of the day and then fell back. It is trading at 20.06, in positive territory, but far from the highs.
The dollar presents mixed results on the last trading day of November. Variations from Friday’s close for most crosses are not significant. The main weakness of the dollar is against the euro and the pound, which led the dollar index (DXY) to the lowest level in years, below 91.70.
The Mexican peso and other emerging currencies are holding up relatively well considering that the stock markets are mostly trading in negative territory. The Dow Jones lost 0.82% and the S&P 500 0.28%, while the Nasdaq rose 0.15%.
From a technical point of view, the USD / MXN continues with a firm downtrend, although it cannot break the 20.00 barrier.. Last week it operated below but without being able to consolidate. In case of doing so, an extension of the bearish path would be expected, with possible supports at 19.75 and 19.55.
The USD / MXN bearish bias is expected to remain intact as long as it remains below 21.20 / 30, which is where a downtrend line originating from the April peaks is passing.
Technical levels
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