- USD / MXN remains below 20.00, testing the 19.70 area.
- The outlook points to higher gains for the MXN; below 19.70, the focus is on 19.50.
The USD/MXN it is rising modestly Tuesday after bottoming out at 19.71, the lowest levels since mid-January. It tested the 19.70 / 75 area and rebounded. It is back above 19.80, but the bias is still pointing to the downside.
The outlook continues to favor further losses. Target of 19.70 / 75 has been reached. A close below 19.70 would leave the pair vulnerable to further losses, with a potential target at the 19.50 / 55 zone.
Technical indicators favor lower, but momentum subsided. The dollar needs to climb back above 20.00 to ease the downward pressure. A daily close above 20.20 / 25 would suggest that there is a temporary floor.
Daily chart
Technical levels
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