- USD/MXN offers mixed signs, suggesting more range trading above 22.00.
- A break above 22.95 (55-day SMA) would clear the way toward 23.20.
The USD/MXN is trading unchanged at 22.60. Earlier it spiked down to 22.53 and then bounced to 22.75. It is moving with a modest bearish bias in the short-term but overall it continues to move in a range between 22.20 and 22.95. Late in July rose above 23.00 but it was rejected and pulled back.
The July rally was capped by the 55-day moving average that stands at 22.95. A break higher would clear the way to more gains, targeting 23.20.
Ahead of the Asian session, the key supports is seen around 22.60/65 (20-SMA in 4-hour chart); below emerges 22.45. The critical support is 22.20 that if broken would see the bearish pressure intensified, leading to a test of 22.00. On the upside, 22.75 and 22.80 are the immediate resistances that protect 22.90.
USD/MXN 4-hour chart
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