USD/MXN at key level
|Key Resistance: 20.50 - 20.60.
Key Support: 20.31.
Last Friday, late in NY trading the MXN started to rally hard against the USD from the the highs of the day. During that rally the USDMXN crashed 1.35% breaking with August highs in the process.
August highs are the previous broken highs after the big rally from September lows. This move is also a 61.8% pullback from last week's range.
There are 2 possible scenarios and it all depends on the USD direction or breakout today. The DXY is trading above the weekly pivot and above the 94 level. If this bullish momentum continues we could see a break above the 20.50 on the USDMXN but if USD bulls fail to bid price up a break-retest setup would be in play.
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