- Mexican peso consolidates after rising more than 4% over the last two weeks.
- USD/MXN still biased to the downside but needs a break under 19.30 to clear the way to more losses.
The USD/MXN pair dropped last week, extending the correction after being rejected from above a long-term downtrend line that stands around 20.05.
The decline found support above the 20-week simple moving average, near 19.30. A weekly close below, would point to more losses, and to a test of the 18.90 area, horizontal support and also an uptrend line.
USD/MXN weekly chart
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