USD/MXN Price Analysis: Looking at 23.20 while above 22.50
|- USD/MXN rose above the 22.50 area, opening to doors to more gains.
- So far, it peaked at 22.90, next obstacles emerge at 23.05 and 23.25.
The USD/MXN broke on Monday a critical technical zone at 22.50. That level contained the 20 and 50-day moving average, a downtrend line and a horizontal level. While above, the US dollar looks ready to extend gains.
On Tuesday, the pair peaked 22.90, the highest level in a month before pulling back amid a retreat of the greenback. The immediate resistance is the 22.90 zone and a break higher would likely lead to more gains above 23.00, targeting June highs at 23.25.
A failure to break 22.90 could suggest some consolidations ahead between 22.90 and 22.25, with an intermediate support at 22.50.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.