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USD/MXN: Testing a key support at 23.25 – Credit Suisse

FXStreet reports that analysts at Credit Suisse note that USD/MXN is seeing a key test of support from the lower end of its range at 23.25/22.84.

“Even though the market is currently under pressure, the USD/MXN range still looks more like a bullish ‘triangle’ continuation pattern.” 

“Above 25.79 is needed to add weight to the bullish view and complete the ‘triangle’ for a move to 26.26, ahead of 27.00, where we would expect to see fresh sellers at first.”

“Key support at 23.25/22.84 needs to hold to maintain the range. Below though would, in contrast, suggest a top has been completed to turn the medium-term risks back lower, with support seen at 22.15/04 next, then 21.30.”

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Options levels on friday, May 29, 2020
EUR/USDResistance levels (open interest**, contracts)$1.1218 (2069)$1.1180 (1938)$1.1148 (2844)Price at time of writing this review: $1.1107Support levels (open interest**, contracts):$1.1075 (553)$1.1063 (563)$1.1044 (703)Comments:- Overall open interest on the CALL options and PUT options with the expiration date June, 5 is 93888 contracts (according to data from May, 28) with the maximum number of contracts with strike price $1,0700 (5303);GBP/USDResistance levels (open interest**, contracts)
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