USD/MXN Technical Analysis: Mexican peso testing key support at 18.85

The pair is falling on the back of a weaker US dollar across the board. It erased yesterday’s gains.
It is testing the 18.85 area, a key support: a break lower likely to open the doors for an extension of the bearish correction.
Negative short-term momentum to prevail while below the downtrend from last week highs, currently at 19.00. A break higher would signal more gains ahead for the greenback.

Matías Salord FXStreet

USD/MXN hourly chart

Spot: 18.87
Daily high: 19.01
Daily low: 18.84

Support Levels

S1: 18.85
S2: 18.70
S3: 18.60

Resistance Levels

R1: 19.00
R2: 19.15
R3: 19.24

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.

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