USD/MXN Technical analysis: Bearish bias intact as price eyes long-term uptrend line
- Mexican peso holds a positive outlook against US Dollar.
- USD/MXN shows oversold readings, consolidation expected while above 19.10.
The USD/MXN failed to recover above 19.15 and is about to end the day near the 19.10 support level, with the bearish bias intact.
Despite some oversold readings, no signs of a correction are seen yet. A consolidation on top of 19.10 could alleviate the negative pressure.
A break below 19.10 would expose 19.00 and the medium-term support seen around 19.05, an uptrend line from 2017. A close below would target 18.90 and then a test of 2019 lows around 18.75 seem likely.
A recover above 19.30 would point to some US Dollar strength. Above the critical resistance could be located at 19.40 (horizontal level and 20-day moving average).
USD/MXN daily chart
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.
