The Mexican Peso (MXN), which is especially vulnerable to geopolitical risk, is edging higher in most pairs on Monday morning as relief ripples through markets due to a temporary easing of tensions in the Middle East.
The Mexican Peso recovers as tensions in the Middle East abate temporarily. Several sources of geopolitical risk, however, continue to present threats to the Peso. A new Omicron variant of the Covid virus is spreading, though symptoms appear mild so far. The Mexican Peso , which is especially vulnerable to geopolitical risk, is edging higher in most pairs on Monday morning as relief ripples through markets due to a temporary easing of tensions in the Middle East.
USD/MXN 4-hour Chart That said, the new short-term uptrend on USD/MXN is showing signs of weakness already as the pullback from Friday’s peak continues and a lack of fresh bullish momentum injects price appreciation. Support from the 200-day Simple Moving Average at 17.17 also now appears to have been broken. A negative close on Monday would confirm a bearish Shooting Star Japanese candlestick pattern on the daily chart, with bearish overtones. A decisive break above the trendline at roughly 17.
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