- USD / MXN erases gains as the US dollar weakens across the board.
- The trend continues to favor the Mexican peso which is testing a psychological level.
The USD/MXN erased the losses and traded below 20.00 again. The recovery of the US dollar lost momentum below 20.10 and turned lower. The Mexican peso is the best performer among emerging market currencies over the past week, but on Wednesday it lags behind.
The USD / MXN main trend continues to point lower, and a consolidation below 20.00 should lead to further losses. The next key supports are seen at 19.75 / 80 and below 19.55.
On the upside, the resistance level could be seen around 20.30 and above 20.70. A break above 21.50 (downtrend line) would negate the current bearish bias, suggesting a stronger recovery or consolidation at higher levels.
Daily chart
Technical levels
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