USD/MXN: Break below 19.3843 to see scope to fall all the way back to 18.6082/5155 – Credit Suisse

FXStreet Insights Team FXStreet

USD/MXN remains within the broader medium-term range and analysts at Credit Suisse look for the market to remain in relatively balanced state in Q2 as well. Nonetheless, a break below 19.3843 would warn of further weakness.

January 2021 low and the uptrend form 2017 at 19.6550/3843 to serve as a solid floor

“We expect the January 2021 low and the uptrend form 2017 at 19.6550/3843 to serve as a solid floor for the recent weakness, with a bounce-back higher likely to take place in case this level is reached.”

“A break below 19.6550/3843 would see scope to fall all the way back to 18.6082/5155, which includes the 2020 low and the 50% retracement of the uptrend from 2011.”

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FXStreet Insights Team

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