USD/MXN Price Analysis: Looking for a test of 19.80
- USD/MXN with bearish bias while under 19.95.
- Consolidation under 19.80, opens the doors to more losses.
- Immediate resistance at 19.95; critical barrier at 20.15/20.
The USD/MXN is falling on Tuesday on the back of a weaker US dollar across the board. The pair has been consolidating under 19.95, leaving the doors open to more losses. So far, it bottomed at 19.86, the lowest level in a month.
The critical support is located at 19.80. Some rebound from this level might be seen, but in the case of a daily close below, the bearish bias would be reinforced, exposing the 19.50 key level (intermediate support at 19.70).
The 19.95 has become the immediate resistance is the previous support at 19.95. A recovery above would alleviate the bearish pressure and would point to a consolidation between 20.15 and 19.95.
On the upside the zone is 20.15/20.20. A break higher would suggest more gain ahead, targeting 20.45, with intermediate resistance at 20.30.
USD/MXN daily chart
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Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
