USD/MXN Price Analysis: Moving sideways, firm above 22.00
|- USD/MXN offers mixed signs, suggesting more range trading above 22.00.
- A break above 22.95 (55-day SMA) would clear the way toward 23.20.
The USD/MXN is trading unchanged at 22.60. Earlier it spiked down to 22.53 and then bounced to 22.75. It is moving with a modest bearish bias in the short-term but overall it continues to move in a range between 22.20 and 22.95. Late in July rose above 23.00 but it was rejected and pulled back.
The July rally was capped by the 55-day moving average that stands at 22.95. A break higher would clear the way to more gains, targeting 23.20.
Ahead of the Asian session, the key supports is seen around 22.60/65 (20-SMA in 4-hour chart); below emerges 22.45. The critical support is 22.20 that if broken would see the bearish pressure intensified, leading to a test of 22.00. On the upside, 22.75 and 22.80 are the immediate resistances that protect 22.90.
USD/MXN 4-hour chart
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.