- Mexican peso among top performers on Tuesday on risk appetite, Fed meeting.
- USD/MXN testing uptrend line, bearish momentum intact.
The USD/MXN is falling for the third day in a row and below the 20-day moving average for the first time in a week. Technical indicators favour further declines.
The pair is testing the 23.80 support area, an uptrend line from late March lows. A break lower would target 23.60 and then comes April lows around 23.20.
The greenback needs to remain above 23.80 to avoid further losses. A recovery to 24.00 would alleviate the pressure. A daily close above would open the doors to more gains.
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