- The Mexican peso has a negative bias against the US dollar.
- USD / MXN moving at the upper limit of a new range.
- Key support is seen at 20.30 / 35, horizontal line and trend line.
The USD/MXN it is declining modestly on Wednesday after rising for two consecutive days and after posting Tuesday, the second-highest close of the current month. The stronger US dollar across the board remains the key factor at the crossover.
Key moving averages heading north, mixed technical indicators, and far from extreme readings, are sloping higher for USD / MXN. The bullish outlook is also supported by the price that remains above the 20, 55 and 100 simple moving averages and above a short-term uptrend line currently at 20.30.
The positive outlook would be nullified with a slip below 20.30 initially targeting the 20.20 area and below the October low at 20.10.
On the upside, critical resistance is seen at around 20.85 / 90. A consolidation above would clear the way for a test of 21.00; Above the next strong resistance is located at 21.15.
Daily USD / MXN chart
Technical levels
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