- Mexican peso losing momentum as USD/MXN hits support above 19.30.
- Pair is testing the 19.30/35 zone and also the 100-day simple moving average.
The USD/MXN rebounded on Thursday after hitting fresh weekly lows at 19.31. It continues to consolidate in a lower range facing support at 19.30/35 and resistance around 19.50.
The bias points to the downside, but to clear the way to more losses it needs to break the 19.30 area and post a daily close clearly below. Below the next support lies at 19.20 and then attention would turn to an uptrend line slightly below 19.00.
On the upside, 19.50, a horizontal resistance and also the 55 days EMA, is the level to break in order to alleviate the bearish pressure. Then comes 19.60 followed by 19.70/75 another horizontal level and also the 20 day SMA that should limit the upside and favor a correction if reached over the next days.
USD/MXN daily chart
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