- USD/MXN trending down as long as below 19.95.
- Consolidation below 19.80 points to further weakness.
- Immediate resistance at 19.95 followed by 20.00; the upside is capped below 20.15.
USD/MXN is rising on Monday but has pulled back from the highs and pulled back. The pair momentarily traded above 19.90 and then dipped below 19.85, and is again looking for key support around 19.80.
The critical support zone around 19.80 has held up well so far and caused a bounce but is still exposed and challenged. A daily close below would reinforce the downtrend, exposing the key 19.50 level (intermediate support at 19.70).
19.95 has become the immediate resistance, followed by 20.00, an area that also contains the 20 and 55-day moving averages. A break to the upside would expose the key resistance at 20.15/20.20. A break to the upside would suggest further gains, with a target of 20.45.
USD/MXN daily chart
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Source: Fx Street
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