(MENAFN – Daily Forex) USD/MXN
The US dollar is increasing against the Mexican peso, potentially breaking above the 20 MXN level soon. However, we are currently stuck in a range between 19 MXN and 20 MXN.
The Dow Jones 30 is performing well and looks ready to rise above 43,200. Although it is slightly overbought, any pullbacks may be good buying opportunities. Key support is at 42,000 and strong support is at 40,000.
The British Pound is hovering around 1.30, a key level. If it maintains this support, it may rise to 1.33. A drop below 1.2950 could push it down to 1.28.
The Australian dollar fell to the 50-week EMA but is showing signs of recovery. A rise to 0.68 is possible, but a fall below the candlestick low could drop it to 0.65 due to its sensitivity to risk.
The US dollar is up against the Swiss franc, testing the important 0.8675 level. A daily close above this could lead to further gains. If it pulls back, we should look for support before buying again.
Against the Canadian dollar, the US dollar continues to rise, but will face strong resistance at 1.39. Short-term pullbacks may present buying opportunities, with 1.40 as a target if we close above 1.39.
Crude oil prices fell sharply near the $68 support level. A bounce is likely here, but if it doesn’t hold, prices may drop significantly. The potential upside from any rally seems limited, making it a short-term opportunity.
Gold recently broke above $2700. This psychologically significant level doesn’t hold much importance beyond that, as the bullish breakout suggests it could reach $2800. I recommend buying on dips.
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