- The Mexican peso recovered ground on Monday and ended unchanged against the US Dollar but the chart shows the bullish pressure still remains in place.
- The USD/MXN pair rose from 19.70 on Thursday to 20.12 on Monday, the highest level since December. After reaching a key long-term dynamic resistance pulled back under 20.00. The reversal has been significant but not yet enough to show a change in the short-term trend.
The bias still points to the upside and if it rises back above 20.00 a test of the key trendline around 20.10 seems likely. Above the next level is seen at 20.20and then 20.50.
On the flip side, the two key supports might lie at 19.75 and 19.50. Below the last on the bias would start favoring the downside. The key level here comes at 18.90, a medium-term uptrend line.
USD/MXN Weekly Chart
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