- Mexican peso moves away from multi-month lows against US Dollar, gains 3% from last week low.
- The bearish momentum in USD/MXN eased today after a three-day slide; it found support above the 19.60, also the 50% Fibonacci retracement of the rally from 18.95 to 20.25.
The correction started after the pair was capped by a long-term downtrend line that stands at 20.10. Now resistance levels are located at 19.75, followed by 19.95.
A consolidation between 19.60 and 19.75 or 19.90 seems likely, before the next directional move. Only a daily close clearly below 19.60 would clear the way for a slide to 19.45/50, the next strong barrier that should offer support.
USD/MXN Daily Chart
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