🐍🦅Mexican Peso Tests Key Level: Cable FX Macro

• Peso strength has sent the USD/MXN closer to mid-17.50, the rally derived from the election results risk premium had seen the spot shy of 19.00

• USD/MXN tests key fibo retracement level around 17.60 (50% fib), the next key support could be met at around 17.47. Given the strength in the USD/MXN rally, the peso is testing key resistance on Thursday

• If we stay below 18.0, this will be the first week since early June closing below the 100 weekly MA, however, a pullback from testing upper BBs is not surprising. Stochastics and the RSI do not point to a reversal of price action yet. A nature of the retracement (USD weakness) could leave the peso vulnerable