- The Mexican peso recovers on Friday, although it is still among the currencies with the worst weekly results.
- USD / MXN moving in a new range, upward bias.
USD / MXN is pulling back on Friday, turning back after previously hitting its highest level in a week at 20.72. The pair is trading below 20.50, with strong intraday bearish momentum. However, the daily chart shows a bullish bias.
If the decline continues, USD / MXN will likely face some support around 20.45. A break below would draw attention to the 20.30 area, which should limit the decline and favor a rebound. The next critical support is around 20.13 / 18, which contains the 100 and 200 SMA.
On the upside, the 20.65 / 70 zone limited the rally so far. A daily close above 20.65 should expose the next key area of 20.85 / 90, the last defense to a 21.00 attack.
The daily chart shows a modest bullish bias that will likely remain as long as the cross is above 20.20. A weekly close below 20.10 (20-week moving average) should strengthen the Mexican peso.
Daily USD / MXN chart
Technical Levels
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