- USD/MXN registers a six-day winning streak.
- 10-day SMA, seven-week-old rising trend line restrict near-term downside.
- March-month top acts as a buffer to the record high.
USD/MXN takes the bids to 25.02, up 0.10% on a day, during the early Asian session on Monday.
While being on the front foot, the pair rises for the six days in a row while heading towards the record top of 25.78 flashed during the early-month.
However, Friday’s high near 25.30 and the late-March peak close to 25.45 might offer intermediate halts during the rise.
On the flip side, a confluence of 10-day SMA and an ascending trend line since March 10, surrounding 24.45/40 seems to limit the pair’s near-term declines.
In a case where the quote registers a daily closing below 24.40, the mid-month top around 23.90 and the monthly bottom near 23.30 could lure the bears.
USD/MXN forecast chart
Trend: Bullish
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