The USD/MXN pair gains strong positive traction for the sixth successive day on Thursday and jumps to over a three-month top during the early part of
the European session. Spot prices, however, retreat a few pips in the last hour and currently trade near the 17.65 region, still up nearly 0.40% for the day.
From a technical perspective, this week's sustained move and acceptance above the 100-day Simple Moving Average , for the first time since September 2022, was seen as a fresh trigger for bullish traders. A subsequent breakout through the 17.40-17.45 strong horizontal barrier prompted some follow-through technical buying and might have already set the stage for a further near-term appreciating move.
That said, the Relative Strength Index on the daily chart is already flashing overbought conditions and makes it prudent to wait for some near-term consolidation or a modest pullback before placing fresh bets. Nevertheless, the USD/MXN pair seems poised to build on its sharp rise witnessed over the past week or so and aim to challenge the very important 200-day SMA, currently around the 18.00 mark.
The said handle coincides with a downward sloping trend-line extending from the September 2022 swing high and should act as a key pivotal point, which if cleared decisively should pave the way for additional gains. On the flip side, any meaningful corrective slide below the daily trough, around the 17.60-17.55 region, could be seen as a buying opportunity and remain limited near the 17.45-17.40 resistance breakpoint. This is closely followed by the 100-day SMA, around the 17.30-17.25 zone. Failure to defend the said support levels might prompt some technical selling and drag the USD/MXN pair back towards the 17.00 round figure.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
USD/MXN Price Analysis: Mexican Peso retreat appears fading near 17.45 key technical levelUSD/MXN bulls struggle to keep the reins at a three-month high marked the previous day even as the Mexican Peso (MXN) pair edges higher to around 17.4
Consulte Mais informação »
USD/MXN Price Analysis: Mexican Peso extends its downside around 17.50 amid a stronger DollarThe Mexican Peso (MXN) trades in negative territory for the fourth consecutive day against the US Dollar (USD). USD/MXN currently trades near 17.50, g
Consulte Mais informação »
GBP/USD Price Analysis: Flat-lines around 1.2500, near a three-month lowThe GBP/USD pair consolidates its recent losses around 1.2500 during the Asian session on Thursday. Meanwhile, the US Dollar Index (DXY), a measure of
Consulte Mais informação »
USD/MXN rises above the 100-DMA as risk aversion fuels USD gainsThe Mexican Peso (MXN) extended its slide for four straight days against the Greenback (USD) after the Bank of Mexico (Banxico) decided to slash its c
Consulte Mais informação »
USD/MXN soars past key resistance as US data fuels November’s Fed hike speculationThe Mexican Peso (MXN) extended its losses versus the US Dollar (USD) on Wednesday, climbing above a crucial resistance level seen at 17.4038, which,
Consulte Mais informação »
USD/CAD Price Analysis: Refreshes five-month high near 1.3670 ahead of BoC policyThe USD/CAD pair prints a fresh five-month high at 1.3670 ahead of the interest rate decision by the Bank of Canada (BoC), which will be announced on
Consulte Mais informação »