USD/MXN Forecast Today 25/04: Tests Support (Chart)

(MENAFN- Daily Forex)

• On Thursday we have seen the US dollar drift a little bit lower against the Mexican peso, but it's probably worth noting that we are currently stabilizing in this general vicinity.
• The question now is whether or not the US dollar can bounce, or if it will roll over completely.
• I suspect that we have a situation where the market is trying to sort out what's going on with the tariff situation, and it is probably worth noting that the Mexicans and the Americans have gotten along much better than many other groups, so it is possible that we see a little bit of a reprieve here for the Mexican peso based on this alone.

In fact, I think that it has been one of the main drivers over the last 10 or 12 trading sessions Analysis

The technical analysis for the USD/MXN pai suggests that we are in the midst of trying to change the trend, because quite frankly being below the 200 Day EMA is one of the first signs that a lot of traders will be looking for. This doesn't mean that we are suddenly going to collapse, but it could mean that the pair starts to grind toward the 19.00 MXN level.

EURUSD Chart by TradingView

This is an area that's been important more than once, so I would expect to see a little bit of“market memory” come into the picture at this juncture. Ultimately, this is a market that has recently seen a bit of a brick wall in the form of 21.00 MXN, an area that's been important multiple times over the years.

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If we turn around and rally from here, any move above the 20.00 MXN level would be rather impressive, and I believe at that point in time traders will probably be looking to start buying US dollars again. Keep in mind that the Mexican economy is highly sensitive to how the US economy performs, so what you might end up seeing is bad news in America actually means good news for the US dollar, at least in this currency pair.

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