The Mexican Peso registered losses for the second straight day against the Greenback, yet it has recovered some ground.
Mexican Peso on backfoot as Congress votes on controversial judicial reform. Morena’s supermajority is expected to pass the bill to the Senate, where they don’t have the majority. Mexico ’s Unemployment Rate rises in July, reflecting economic weakness. The USD/MXN fell from around 19.98 after the release of the US Institute for Supply Management Manufacturing PMI report. The USD/MXN trades at 19.85 and gains some 0.30% at the time of writing.
80 The USD/MXN is upwardly biased, consolidating near the 19.50-20.00 area. The Relative Strength Index is flat, though it remains bullish, indicating that momentum shows further upside in the exotic pair. If USD/MXN buyers clear the 20.00 figure, plenty of additional topside targets exist. The next resistance would be the YTD high at 20.22, followed by the September 28, 2022, daily high at 20.57. If those two levels are surrendered, the next stop would be August 2, 2022, swing high at 20.
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