USD/MXN sees a massive rally, looks to test 20.00

The US dollar rebounded against the Mexican Peso last hour, sending USD/MXN sharply higher towards 20 handle.

The Mexican Peso dropped almost 8% in less than an hour as odds of a Clinton win at the US presidential race fades, with Trump now seen as the hot favorite candidate, taking the lead in most major states.

Moreover, a fivethirtyeight.com model now gives Republicans a 70 percent chance of retaining control of the Senate, with the Republicans winning Senate races in Arkansas and Georgia, latest exit polls update shows.

USD/MXN Technical Levels

Key resistance levels – 20 (round figure), 20.50 (psychological levels)

Key support levels – 18.7177 (Oct 21 high), 18.6656 (Nov 8 high)