- The Mexican peso continues to trade sideways, the downside risk increases.
- USD / MXN tests the 20.05 area, supported by the uptrend line.
The USD/MXN it is rising again on Tuesday due to a stronger US dollar across the board. Gains are likely to remain limited as longs price remains unable to hold firm above 20.05. The area around 20.05 contains horizontal resistance and also the 20-day moving average.
A break above 20.05 should point to more gains, with the target at 20.20, the 100-day moving average. The next resistance is located at 20.30.
The short-term bias is neutral. Technical indicators are moderately biased to the upside. A break below the 19.80 area (uptrend line) would change the bias to bearish, exposing the June low at 19.59.
Daily USD / MXN chart
Technical levels
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