USD/MXN rises modestly ahead of Banxico, remains above 20.00

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  • USD/MXN maintains a short-term bearish bias.
  • Bank of Mexico would raise the rate by 75 basis points.
  • Climate of caution prevails in the financial markets.

USD/MXN is marginally higher on Thursday, after giving back much of the gains. The pair is trading around 20.05, after rising as high as 20.13. Mexican peso remains firm and remains among the best performing currencies of the last seven days.

Waiting for Banxico

The Mexican peso continues with a bias in favor against the dollar in the short term. The 20.00 area is the current key support which, if given way, would pass the baton to the 20-day moving average at 19.92. To the upside, a rally above 20.25 would ease downside pressures. The next resistance is seen around 20.45.

The increases of the Mexican peso against the dollar accumulated on Wednesday the fourth day in a row, even despite the cautious climate that continues to dominate global markets. USD/MXN on Wednesday fell to 19.99, the lowest in ten days.

The Bank of Mexico holds the meeting of the Board of Governors. A rise in the benchmark rate of 75 basis points to 7.75% is expected. This level would be the highest since October 2018. A more aggressive Federal Reserve and inflation in Mexico continue to leave the way open for further progress.

On Thursday, the inflation for the middle of the month of June was known, which showed numbers higher than expected. The annual rate stood at 7.88% in the first fortnight of the month, a figure not seen since 2001.

Technical levels

USD/MXN

Panorama
Last Price Today 20.0838
Today’s Daily Change 0.0379
Today’s Daily Change % 0.19
Today’s Daily Opening 20.0459
Trends
20 Daily SMA 19.9138
50 Daily SMA 20.0466
100 Daily SMA 20.2239
200 Daily SMA 20.4274
levels
Previous Daily High 20.2506
Previous Daily Minimum 19,999
Previous Maximum Weekly 20.7028
Previous Weekly Minimum 19.9318
Monthly Prior Maximum 20.5113
Previous Monthly Minimum 19.4131
Daily Fibonacci 38.2% 20.0951
Daily Fibonacci 61.8% 20.1545
Daily Pivot Point S1 19.9464
Daily Pivot Point S2 19.8469
Daily Pivot Point S3 19.6948
Daily Pivot Point R1 20,198
Daily Pivot Point R2 20.3501
Daily Pivot Point R3 20.4496

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Source: Fx Street

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