The Mexican Peso (MXN) plummets in its most-heavily traded pairs on Wednesday, especially versus the US Dollar (USD), against which it is down over two percent after results from the US presidential election show Republican nominee Donald Trump extremely close to victory.
The Mexican Peso plunges several percentage points against its major pairs after Donald Trump secures 267 electoral votes, three away from victory. Trump’s threats of whacking huge tariffs on Mexican imports is wreaking havoc with the Peso. USD/MXN closes an open chart gap and extends its established uptrend within a rising channel.
Further, it is trading in a bullish rising channel. Given the technical dictum “the trend is your friend,” the odds, therefore, favor a continuation higher. The Relative Strength Index remains just below the overbought level of 70, suggesting there is still scope for further upside. A break above the 20.80 high would probably confirm more gains, with 21.00 coming into view as the next key target and resistance level .
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