- The Mexican peso is once again firm against the dollar.
- The USDMXN maintains a bearish bias, unable to recover 19.50.
- Strong support at 19.30 prevails, for now.
The USDMXN it is falling modestly on Wednesday as the US dollar remains weak overall amid expectations of a less hawkish Federal Reserve. The pair remains close to the lowest levels since March 2020. It has bottomed out at 19.28 and is hovering around 19.30.
On Tuesday, the USDMXN reached a high of 19.47 and then pulled back. Dollar rebounds remain limited, unable to recover the 19.50 zone. A daily close above 1,960 would ease the bearish pressure.
The Mexican peso is testing the critical support at 19.25/30 in the short term. A daily close below would open the door for further losses with an initial target at 19.15 and next key support at 19.00/05. The RSI remains slightly above 30, while the Momentum is turning south again.
USDMXN daily chart
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Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
