Mexican Peso Forecast: USD/MXN Drifts Back Above 19.90 as it Holds its Range

I find myself writing to you around USD/MXN in a cost level similar to where I last left off. It's not that cost has not transferred in those last seven days, but it appears to be following a pattern in which it converges towards the 19.87 mark towards the end of the week.

Mexican Peso Forecast: USD/MXN Drifts Back Above 19.90 as it Holds its Range

USD/MXN DAILY CHART

Basically not much has changed, the virus continues to ravage through South America and Mexico is reporting new record deaths each day, with the figure reaching a summit of 1,803 on Thursday, and new illnesses up 22,339 on the day.

There'll be some financial data for Mexico published this coming week, including retail sales and GDP, but it is likely the market will observe these information points as obsolete. Investors continue to search for advice on the future of their health crisis and the market, and the actual virus information seems to be the only thing to possibly drop a light on what might come.

Technically, USD/MXN continues to lack the bearish support required to break below 19.50 and the bullish support to break over the 76.4% Fibonacci (20.18) leaving price action trapped between these amounts. Immediate support seems to arise in the 19.60 place whilst short term opposition can be seen at the 20.00 mark.

Support regions are getting to be scarce so a fall below 19.50 could see downside momentum growth rapidly in an endeavor to contact the levels seen last March prior to the outbreak of this virus. The longer-term objective remains at 19.14, before heading towards the descending trendline it was piling until December, which now stands at 16.65.

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