The USD / MXN has moved away from the current highs of June, October and November in the 20.74 / 20.97 zone. In the opinion of Axel Rudolph, senior technical analyst at Commerzbank, el pair will return towards June low at 19.59.
Key resistance at 20.74 / 97 could not be overcome
“The recent steep rise in USD / MXN only briefly topped June and October highs at 20.74 / 20.90 and made its current November high at 20.97 before returning most of its recent gains.”
“The 20.11 level is back in focus, as a fall below would activate the 2020-2021 support line and the September low at 19.98 / 19.84 and the April and May lows, as well as the mid-June lows. August at 19.80 / 19.70. Then there is the June low at 19.59, that also it is expected to finally be reached as long as there is no daily chart rise and close above last week’s high at 20.97“.
“If last week’s high of 20.97 were unexpectedly surpassed on a close of the daily chart, the February high of 21.04 would be back on the table. Higher up is the March high of 21.63.”
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