- The Mexican peso rebounded sharply against the US dollar and remove the negative bias for the very short-term.
- The USD/MXN pair reinforced the current consolidation mode after begin unable to break above 19.20, a strong resistance and also the 23.6% Fibonacci retracement of the 20.65-18.75 slide.
The pair continues to wait for a clear breakout that could lead to a more decisive directional move. On the upside a daily close above 19.25 would be a bullish signal and if the pair then confirms levels on top of 19.30, the next target is 19.45/50.
The pair holds slightly above the 20-day moving average that stands around 19.05; while above some support is seen for the pair in the short-term. Under that level a test of 18.90 seems likely; below attention would turn to the YTD low at 18.74.
USD/MXN Daily Chart
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