USD/MXN could test 21.0500/21.2918 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the Mexican Peso could depreciate to the 21.05/21.2918 band vs. the greenback.

Key Quotes

“USD/MXN has eroded its May peak at 20.0474 and eroded the 20.1316/20.1591 area, made up of the mid-November and December 2016 lows and the March 2017 high”.

“Further up sits the November 2016 high at 21.2918 and ahead of here lies the 78.6% retracement at 21.0500”.

“We will retain our short-term bullish forecast while the May 28 low at 19.4531 underpins”.