USD/MXN Technical Analysis: Mexican peso losses momentum after hitting support at 19.30
- Mexican peso losing momentum as USD/MXN hits support above 19.30.
- Pair is testing the 19.30/35 zone and also the 100-day simple moving average.
The USD/MXN rebounded on Thursday after hitting fresh weekly lows at 19.31. It continues to consolidate in a lower range facing support at 19.30/35 and resistance around 19.50.
The bias points to the downside, but to clear the way to more losses it needs to break the 19.30 area and post a daily close clearly below. Below the next support lies at 19.20 and then attention would turn to an uptrend line slightly below 19.00.
On the upside, 19.50, a horizontal resistance and also the 55 days EMA, is the level to break in order to alleviate the bearish pressure. Then comes 19.60 followed by 19.70/75 another horizontal level and also the 20 day SMA that should limit the upside and favor a correction if reached over the next days.
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.
