- 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
The information on these pages contains forward-looking statements that involve risks and uncertainties. The markets and instruments described on this page are for informational purposes only and should not be taken as a recommendation to buy or sell these assets in any way. You should conduct your own thorough research before making any investment decision. FXStreet does not warrant in any way that this information is free of errors, errors or material misstatements. It also does not guarantee that the information is timely. Investing in public markets involves a number of risks, including loss of all or part of your investment, and emotional distress. All risks, losses and costs associated with investing, including the entire loss of principal, are borne by you. The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of FXStreet or its advertisers. The author is not responsible for the information at the end of links published on this page.
Unless otherwise expressly mentioned in the text of the article, at the time of writing, the author is in any stock mentioned No positions are in this article and have no business relationship with any of the companies mentioned. Other than from FXStreet, the author did not receive any compensation for writing this article.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness or suitability of this information. FXStreet and the author shall not be liable for any errors, omissions or any loss, injury or damage arising out of this information and its display or use. Errors and omissions excluded.
The author and FXStreet are not registered investment advisors and nothing in this article is investment advice.