- Mexican peso holds a bullish tone against US Dollar in the short-term but so far lacks of strength for a clear breakout.
- A week ago the USD/MXN ended a rebound from monthly lows around the 19.30 area. Afterwords consolidated slightly below and today it appears to be moving to the downside. Still, the pair has been unable to break key levels.
The bias points to the downside but a close below 19.00 seems needed it to clear the way to a test of the uptrend line and the key horizontal support at 18.90. A break lower would expose YTD lows at 18.75.
Moves to the upside below 19.25 will likely be limited. That level contains the 21-day simple moving average and also a horizontal resistance level. Above, the US Dollar will gain momentum and a daily close on top of 19.30 will set up a bullish pattern targeting 19.45.
USD/MXN Daily chart
-636976922221892474.png)
Share
