(MENAFN– Daily Forex) USD/MXN
The US dollar is strengthening against the Mexican peso, aiming to break above the important 20 MXN level. A breakout could lead to significant movement, but the market is currently fluctuating between 19 and 20 MXN, building momentum.
The Dow Jones 30 is outperforming other indices and might rise above 43,200 soon. Despite being overbought, short-term pullbacks may offer buying opportunities, with support at 42,000 and 40,000 if necessary.
The British Pound is near the 1.30 mark, a key point. If it holds above this level, it may reach 1.33. However, if it drops below 1.2950, it could fall to 1.28.
The Australian dollar recently dropped to the 50-week EMA but has shown signs of recovery. If it breaks below the candlestick’s low and the 50-week EMA, it could fall to 0.65, as it is sensitive to risk appetite.
The US dollar has surged against the Swiss franc, testing the 0.8675 level. A close above this point may indicate further gains, while a pullback could offer buying opportunities.
Against the Canadian dollar, the US dollar is rising but facing significant resistance at 1.39. Short-term pullbacks may provide buying chances. A close above 1.39 could push the pair to 1.40 in the coming weeks.
West Texas Intermediate Crude Oil fell significantly towards the critical $68 support level. If support emerges, a bounce is likely; otherwise, prices could drop sharply.
Gold has surged past $2700, suggesting further growth. The bullish flag indicates a target of $2800, and buying on dips is recommended.
Ready to trade our Forex weekly forecast? We’ve listed the best forex trading accounts to choose from.
`
