As the US Dollar has falling from near term resistance, the main beneficiaries are commodities. Commodity currencies such has the Australian Dollar, New Zealand Dollar, and the Canadian Dollar are also the main beneficiaries. However, one currency that is bucking the trend is the Mexican Peso. USD/MXN is up today nearly 0.75%, whereas a similar currency pair such is the US Dollar vs the Canadian Dollar is down 0.75%.
Resistance is at the Jan 29th highs near 20.5850, then the 38.2% Fibonacci retracement from the April 2020 highs to the January lows. Support is at the January 29th low near February 15th lows near 19.8915, then the January 21st low near 19.5250.
If USD/MXN can clear the 20.5850 area, bulls will be looking to push this currency pair up to 21.9350!
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