- USD/MXN is moving sideways around a flat 20-day SMA.
- Price is not giving clear signals, it is likely to stay within the main range of 19.80/20.20.
- break above 20.25 would open the doors to more earnings.
The USD/MXN it is falling modestly on Wednesday and is approaching the 20.00 level. On Tuesday the pair reached a high of 20.11 before pulling back towards 20.00. In the short term it moves between 19.95 and 20.15.
Technical indicators offer no clear signals, affected by the price action in the last two weeks. Momentum and RSI are flat around their midlines. Also simple moving averages are flat.
Interim support stands at 19.95. A break down would target 19.90 and below the critical support zone at 19.80. A break down would point to an extension to the downside.
To the upside, a resistance level is seen at 20.17, but only a clear break of 20.20 should bolster the US dollar outlook. A daily close above 20.30 would confirm the break, exposing the next resistance at 20.45.
USD/MXN daily chart
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Source: Fx Street
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