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USD/MXN Technical Outlook Remains Bearish

USD/MXN Technical Outlook Remains Bearish

Paul Robinson, Strategist

USD/MXN Technical Highlights:

  • USD/MXN downtrend remains well intact
  • March trend-line a guide
  • 19.55 support level to watch

USD/MXN tried to pop above the March trend-line last month, but was quickly swatted lower. This keeps pressure on the downside as we continue forward. A move down below 19.55 could open up the door towards support (18.52) from prior to the coronavirus spike. Risk trends remain favorable for a bearish outlook – it will likely take a dose of fear in markets to bring buyers in full force to the pair.

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USD/MXN Daily Chart (March resistance, 19.55 support)

USD/MXN daily chart

USD/MXN Chart by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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