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
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