USD/MXN is under pressure following the failed attempt to test the yearly high (21.2943).
USD/MXN snaps the range bound price action from last week, and a move/close below the 19.8990 (38.2% Fibonacci retracement) to 20.0120 (38.2% Fibonacci extension) zone may lead to a test of the monthly low (19.8362).
Next area of interest comes in around the November low (19.7610), but USD/MXN may track the flattening slope in the 50-Day SMA (20.3418) should it struggle to close below the 19.8990 (38.2% Fibonacci retracement) to 20.0120 (38.2% Fibonacci extension) zone.
A move back above the 20.3200 (38.2% Fibonacci retracement) to 20.4490 (50% Fibonacci extension) brings the 20.8850 (61.8% Fibonacci extension) to 21.0220 (50% Fibonacci retracement) region on the radar, with the next area of interest coming in around the monthly high (21.0812).
--- Written by David Song, Senior Strategist at FOREX.com
USD/MXN snaps the range bound price action from last week, and a move/close below the 19.8990 (38.2% Fibonacci retracement) to 20.0120 (38.2% Fibonacci extension) zone may lead to a test of the monthly low (19.8362).
Next area of interest comes in around the November low (19.7610), but USD/MXN may track the flattening slope in the 50-Day SMA (20.3418) should it struggle to close below the 19.8990 (38.2% Fibonacci retracement) to 20.0120 (38.2% Fibonacci extension) zone.
A move back above the 20.3200 (38.2% Fibonacci retracement) to 20.4490 (50% Fibonacci extension) brings the 20.8850 (61.8% Fibonacci extension) to 21.0220 (50% Fibonacci retracement) region on the radar, with the next area of interest coming in around the monthly high (21.0812).
--- Written by David Song, Senior Strategist at FOREX.com
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