- The Mexican peso continues to move with a bullish bias against the US dollar.
- USD / MXN momentarily fell below 21.00, the next hurdle emerging at the 20.85 zone.
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
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
