Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
1 Feb 2023

USD/MXN Price Analysis: Steady around 18.75, risks tilted to the downside

  • A volatile session is expected with the FOMC meeting.
  • USD/MXN continues to consolidate near 18.75, below the 20-day SMA.
  • A break above 18.90 could trigger more gains for the US Dollar.

The USD/MXN is falling on Wednesday, following the release of US economic data and ahead of the Federal Reserve decision. A 25 basis points rate hike is priced in and the key diver for action would be the outlook presented in the statement and in Powell’s comments. Volatile hours are expected across the FX board.

The daily chart shows the bias in USD/MXN is still to the downside, although losses continue to be limited by 18.75 and technical indicators do not offer clear signs with RSI flat and Momentum approaching 0 from the downside but about to turn south again.  A consolidation below the 18.75 area should open the doors to a bearish extension targeting 18.62 initially. The next support is located at 18.55.

Hours ago, the USD/MXN peaked at 18.86, slightly below the 20-day Simple Moving Average, today at 18.88. The area around 18.90 has become a critical short-term resistance area. If the US dollar breaks and holds above, a recovery to 19.00 and more, seems likely. The next resistance stands at 19.10.

Technical levels

USDMXN

 

Feb 1, 2023

EUR/USD: The pace of gains should slow, at least for now – SocGen

EUR/USD’s listless price action continues. Economists at Société Générale expect the pair to slow the pace of its advance. Inflation outlook ensures a
Read more Previous
Feb 1, 2023

Policy change from the FOMC to set the stage for a more prolonged decline in the USD – NBF

The greenback continues to weaken in the new year. Economists at the National Bank of Canada still anticipate a policy change from the FOMC in the fir
Read more Next