Sunday, February 25, 2024
HomeUncategorizedUSD/MXN price analysis: Bearish below 20.20

USD/MXN price analysis: Bearish below 20.20

  • USD/MXN holding above 19.90 but under pressure.
  • Under 20.20 seems likely to lose more.

USD/MXN edged higher on Friday, but still lower at 20.00. The pair found support above 19.80 and rebounded. The move higher so far shows a lack of strength, maintaining a bias against the Mexican peso.

Consolidation below 19.90 should clear the way for a test of the 19.80 area. A break below 19.70 will act as a stronger support area protecting 19.50.

A rally above 20.00 could mean more gains and a test of 20.17, where the 20-day and 100-day simple moving averages converge. A daily close above 20.25 should spark more gains, changing the short-term outlook from bearish to neutral/bullish.

From a broader perspective, USD/MXN continues to trade within the 19.50/21.50 range since November 2020 It has always been so. A weekly close above 21.00 could suggest a test of 21.50.

USD/MXN daily chart

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