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- USDMXN Price Analysis: More downside while under 19.50
USDMXN Price Analysis: More downside while under 19.50
- USDMXN with bearish momentum while below 19.50.
- Recovery above 19.50 to alleviate bearish pressure.
- Dollar to strengthen with a break above 19.80.
The USDMXN is trading at 19.45, at the lowest intraday level since May 30 and is about to post the lowest daily close since March 2020. The Mexican Peso benefited from risk appetite and Banxico’s interest rate. On Thursday, the central bank of Mexico is expected to raise rates again by 75 bps to 10%.
Last week, USDMXN broke the 19.80 barrier and on Monday below 19.50, improving the outlook for the Mexican Peso. The technical bias favors more losses for the pair as long as it remains under the long-term area of 19.50. The next target is seen at 19.25.
The RSI is at oversold levels, normally after eight days of declines, still moving south. Despite the extreme readings, no signs of a correction are seen at the moment. A recovery above 19.50 would alleviate the bearish pressure, pointing to some consolidation, probably between 19.50 and 19.70. A recovery above 19.80 would favor the greenback, suggesting a return to the 19.80-20.00 range.
Price action over the last sessions ended with many days of limited moves. Now volatility appears to be on course to remain elevated, supported also by general market conditions and ahead of US elections and key inflation data from the US and Mexican.
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