Mexican Peso erases its gains, likely to consolidate below 18.35
Thursday, February 18, 2016 9:40 AM UTC
- Mexican Peso erased its previous gain against US dollar and supported around 18.23 levels.
- Yesterday within a minute, Mexican Peso appreciated sharply around 544.7 pips against US dollar.
- The sudden move came just after the Bank of Mexico raised its overnight target rate by 50bps to 3.75% and announced direct FX intervention on Wednesday.
- In addition, free fall of oil prices and strong US dollar are responsible for the persistent decline of the Peso.
- Intraday bias remains bearish for the moment.
- Initial support levels are seen at 18.21, 18.01 and 17.84 levels.
- On the other side, resistance levels are seen at 18.35, 18.48 and 18.72 marks.
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