USDMXN: Mexican Peso Down Amid Broad USD Strength
USDMXN is trading 0.43% higher at 19.1373 as investors are buying USD across the board as expectations of a 50 basis point interest rate cut from Fed fades away. Meanwhile the Mexican economy is facing many troubles due to downgrades of Pemex to speculative grade, or junk status.
On the technical side the pair breached today the 20 day moving average and bulls now are in control at least for the short term. Immediate support for the pair stands at 19.0659 the 20 day moving average while more solid buying will emerge at 18.86 the low from July 8th.
On the upside first resistance stands at 19.1582 the 50 day Moving Average while extra offers will emerge at the 19.28 the high from July 10th. Possible long positions in USDMXN can be initiated targeting 19.16 with a stop loss order at 19.0659. Bears have to wait for a break below the 20 day moving average that can be a strat for another leg lower below 19.00Don’t miss a beat! Follow us on Twitter.