USD/MXN Technical Analysis: Pressure eases but risks remains tilted to the upside

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  • The USD/MXN surged on Monday to the highest level since December. It then pulled back trimming weekly gains. The slide back under 19.75 remove some of the bullish pressure in the short-term. 
  • The main trend points to the upside and if it rises back above 19.80, a test of the monthly high and to the 20.00 area seems likely. Above the next key resistance is downtrend line from 2017 that stands at 20.10. 
  • If the pair manages to clearly drop below 19.50 it would alleviate peso’s weakens. Below that level USD/MXN could slide to 19.30, a critical support that should favor a rebound. As long as USD/MXN holds above 19.30, the bias would point to the upside. 

USD/MXN

 

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