USD/MXN continues the gains on the second successive day, trading higher around 17.7150 aligned with the 17.7200 psychological level during the Asian
A break above the latter could open the doors for the pair to explore the region around 17.8000 major level, following September’s high at 17.8174.
On the downside, the 23.6% Fibonacci retracement at 17.6243 appears to be the key support, following the 38.2% Fibonacci retracement at 17.5049 level. The current upward momentum in the pair suggests a bullish bias, given that the 14-day Relative Strength Index remains above the 50 levels. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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