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USD/MXN is seeing a key test of support from the lower end of its range at 23.25/22.84, analysts at Credit Suisse report.

Key quotes

“Even though the market is currently under pressure, the USD/MXN range still looks more like a bullish ‘triangle’ continuation pattern.” 

“Above 25.79 is needed to add weight to the bullish view and complete the ‘triangle’ for a move to 26.26, ahead of 27.00, where we would expect to see fresh sellers at first.”

“Key support at 23.25/22.84 needs to hold to maintain the range. Below though would, in contrast, suggest a top has been completed to turn the medium-term risks back lower, with support seen at 22.15/04 next, then 21.30.”