The USD/MXN pair struggles to capitalize on its weekly gains registered over the past three days and seesaws between tepid gains/minor losses through
USD/MXN is seen oscillating in a range on Friday and consolidating its weekly gains. The technical setup favours bullish traders and supports prospects for additional gains. Any meaningful corrective slide could attract some dip-buying and remain cushioned. the Asian session on Friday. Spot prices currently trade around the 18.3185 region, down less than 0.10% for the day, and remain well within the striking distance of a near two-week high touched on Thursday.
On the flip side, any corrective slide might now find decent support near the 18.1100 level. This is followed by the 18.0000 mark, below which the USD/MXN pair could retest the weekly low, around the 17.8720-17.8715 region. Some follow-through selling will expose the 200-day SMA support, currently pegged around the 17.7425 zone, before spot prices drop to the 23.6% Fibo. level, around the 17.6595-17.6590 area.
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