USDMXN Price Analysis: Mexican peso challenging support area at 19.30
- Mexican peso firm again versus US Dollar.
- USDMXN holds bearish bias, unable to recover 19.50.
- Strong support at 19.30 prevails, for now.
The USDMXN is falling modestly on Wednesday as the US Dollar remains weak across the board amid expectations of a less aggressive Federal Reserve. The pair remains near the lowest levels since March 2020. It bottomed at 19.28, and it is hovering around 19.30.
On Tuesday, the USDMXN peaked at 19.47 and then pulled back. The rebounds of the US Dollar continue to be limited, unable to reclaim the 19.50 zone. A daily close above 19.60 would alleviate the bearish pressure.
The Mexican peso is testing the 19.25/30 critical support in the short-term. A daily close below would open the doors to more losses with an in initial target at 19.15 and the next key support at 19.00/05. The RSI remains slightly above the 30, while Momentum is turning south again.
USDMXN 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.
