USD/MXN Technical analysis: Bearish bias intact as price eyes long-term uptrend line

0
  • Mexican peso holds a positive outlook against US Dollar. 
  • USD/MXN shows oversold readings, consolidation expected while above 19.10. 

The USD/MXN failed to recover above 19.15 and is about to end the day near the 19.10 support level, with the bearish bias intact. 

Despite some oversold readings, no signs of a correction are seen yet. A consolidation on top of 19.10 could alleviate the negative pressure. 

A break below 19.10 would expose 19.00 and the medium-term support seen around 19.05, an uptrend line from 2017. A close below would target 18.90 and then a test of 2019 lows around 18.75 seem likely. 

A recover above 19.30 would point to some US Dollar strength. Above the critical resistance could be located at 19.40 (horizontal level and 20-day moving average). 

USD/MXN daily chart 
USD/MXN

 

Get the 5 most predictable currency pairs

About Author

Comments are closed.