The peso slumped to its lowest level since mid-March against the dollar due to concerns over inflation and the potential impact on Mexico of new U.S. corporate tax cuts. Mexico's central bank sold an additional $500 million in foreign exchange hedges on Tuesday to support the peso amid economic …
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… also been able to climb back above the 50% retracement at $15412.96 AND the key 200 hour MA (green line). at $15596.84. Last week, the 200 hour MA was broken and turned the bias more bearish. The move back above now, is more bullish for the digital currency. That is also a risk level for longs.
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MEXICO CITY, Dec 26 (Reuters) – Mexico's central bank sold an additional $500 million in foreign exchange hedges on Tuesday to support the peso amid uncertainty over the economic outlook, though the measures provided only fleeting relief for the currency, which fell further. The peso has slumped to …
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Looking at the 5-minute chart below, the price has moved back below the 1.2700 level, and the lows from last Thursday and Friday at the 1.2697 area. The low for the day has traded to 1.26908 and more recently at 1.2693. Staying below the 1.2700 level will be more bearish in the near term.
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