USD/MXN: The correction manages to hold above $19.00, close to the one-month highs reached on Monday

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He USD/MXN It reached a 1-month high at $19.29 on Monday’s American open, and although it failed to sustain momentum it has managed to stay above the $19.00 zone. This Tuesday, the pair is trading in a narrow range of just 10 pips between the daily low of $19.06 and the ceiling at $19.17.

Pair traders are waiting for catalysts that could push direction back. The event of the day will be the speech he will make Jerome PowellFed Chairman, at 17:40 GMT.

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Later in the week, on Thursday, Mexico will publish its inflation figures for January, although the focus will be on Banxico, which will announce its interest rate decision at 19:00 GMT. The market consensus expects a rise of 25 basis points to 10.75%, which if confirmed would mark a record high since the country began its current monetary policy in 2008.

USD/MXN Levels

With the pair trading at time of writing above 19.11, losing 0.19% daily, a ground loss may find support in the psychological area of ​​$19.00. A break of this level could lead the pair to 18.64low of February 3, before sliding to 18.50floor of February 2 and minimum of more than four years ago.

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An upside momentum would meet strong resistance at yesterday’s high, 19.29. Higher up, the main barrier will be in 19.53, 2023 high reached on January 3. the area of 19.90/91where the maximums of December 2022 are, could act as a strong limit for new advances.


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Source: Fx Street

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