Technicals

Add as a preferred source on Google

FxWirePro: USD/ MXN loses momentum but outlook is bullish

• USD/MXN initially gained but then reversed course on Wednesday as investors assessed the U.S. CPI data. • The Consumer Price Index rose 0.3% last month, marking the largest gain since April, after a consistent 0.2% inc…

1 min read
FxWirePro: USD/ MXN loses momentum but outlook is bullish
Image from the original EconoTimes article

Read the original article

• USD/MXN initially gained but then reversed course on Wednesday as investors assessed the U.S. CPI data.

• The Consumer Price Index rose 0.3% last month, marking the largest gain since April, after a consistent 0.2% increase for four consecutive months, the Labor Department reported on Wednesday.

• Analysts had projected the CPI to rise 0.3% month-on-month and increase 2.7% year-on-year.

• At GMT 14:23, The dollar was up 0.10% against the dollar Mexico's peso   at 20.188

•  Immediate resistance is located at 20.261 (Daily high), any close above will push the pair towards 20.372(23.6%fib).

•  Support is seen at 20.128(38.2%fib) and break below could take the pair towards 20.061 (LowerBB).

Recommendation: Good to buyl  around 20.170, with stop loss of 20.300 and target price of 20.000

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560