USD/MXN Price Analysis: Still trapped near 22.50, where could it go?
|- Mexican peso recovers versus US dollar in July, but modestly.
- USD/MXN is in a symmetric triangle in the short-term.
The USD/MXN is falling on Tuesday after as it continues to be unable to move significantly away from 22.50. Recent price action appears to be following a symmetric triangle but support around 22.35 and resistance at 22.75.
On the upside, the critical level to watch is the area between 22.75 and 22.90, horizontal resistance, and also the 55-day moving average. A close above would clear the way to more gains, targeting 23.20.
On the flip side, a slide below 22.35 would likely be followed by a test of the support at 22.20 that protects 22.00/05. A consolidation under 22.00 would expose June lows, but initially, the area should hold favoring a rebound to 22.20 and potentially 22.35.
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.