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  • The USD/MXN pair dropped sharply on Friday and corrected higher on Monday. It was again rejected from above 19.10 while the downside remained capped by 18.70.  
  • Price continues to move sideways hovering at 18.90 and also around the 20-day moving average. A firm move away from the mentioned level is needed to break the current consolidation phase.  
  • A daily close above 19.10 would signal more gains ahead with a potential target at 19.30. On the flip side, under 18.70, the 18.50/55 area would be exposed.  

USD/MXN Daily chart

Spot: 18.93
Daily high: 18.95
Daily low: 18.75

Support Levels

S1: 18.70
S2: 18.58
S3: 18.50

Resistance Levels

R1: 18.95
R2: 19.15
R3: 19.30