The Mexican Peso (MXN) fluctuates between minor gains and losses on Friday during the European session after clocking up four successive up days in all three of its most-traded pairs: USD/MXN, EUR/MXN, and GBP/MXN.
The Mexican Peso trades mixed after rising for four consecutive days. Gains came from a move by the Supreme Court to re-examine controversial reforms and a Banxico official’s comments. USD/MXN falls to critical support at the base of its rising channel and the 50-day SMA. The Mexican Peso fluctuates between minor gains and losses on Friday during the European session after clocking up four successive up days in all three of its most-traded pairs: USD/MXN, EUR/MXN, and GBP/MXN.
Morena’s Head of the Government of Mexico City, Marti Luis Batres, described the move as a “coup d’etat”. Technical Analysis: USD/MXN falls to 50-day Moving Average USD/MXN falls all the way down to the base of its rising channel and the level of the 50-day Simple Moving Average – a key line in the sand for traders. USD/MXN Daily Chart USD/MXN is expected to find support at this level, and there is a chance it will rebound and start moving higher within the range again.
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