- The Mexican peso rose across the board after the Banxico meeting.
- USD / MXN falls on Friday for the second day in a row and remains above the short-term trend line.
The USD/MXN is falling on Friday, is about to end the week slightly above the level it was seven days ago. Price bottomed at 20.53 and continues to press against the 20.50 / 55 area which is critical support.
A consolidation below 20.50 would strengthen the Mexican peso, opening the door for a drop to the next barrier at 20.25 / 30. As long as it stays above 20.50, the odds will favor more gains.
On the upside, USD / MXN looks limited while below 20.80. A consolidation above 20.80 should clear the way for a test of 21.00. The next resistance levels are located at 21.10 and 21.30, which protects the medium-term barrier of 21.50.
The daily chart shows mixed signs. The price is again below the 20-day SMA, and the momentum is pointing lower. The RSI is flat and the long-term moving averages have a positive slope supporting a bullish outlook.
Daily chart
Technical levels
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