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Returns towards 9pm, about to test September lows

He USD/MXN it falls for the third day in a row on Thursday, still at a gradual pace. Recently, it posted a new monthly low at 20.97 and hovering around the 21.00 level.

A consolidation below 21.00 should open the doors for further losses and a test of the September lows around 20.85. There is not much support up to the 20.25 level below. Technical indicators favor the decline.

The bearish momentum in USD / MXN would be exhausted with a recovery above 21.20, but only if it sustains above 21.40 could it suggest an intermediate bottom. The negative outlook for the dollar would cancel out with a break above 22.50.

Daily chart

 

Credits: Forex Street

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