USD/MXN rebounds from weekly lows as bearish pressure eases
|- Mexican peso losses momentum after USD/MXN fails to break under 18.75.
- Despite the rebound, the short-term trend still points to the downside, but momentum eased significantly.
The USD/MXN pair is having the best performance since March 27, rebounding from the lowest level in three weeks. Last week and today, the pair matched the 2019 low but failed to break lower and bounced. So far the move to the upside could be seen as a correction after falling more than 3% in a few days from 19.45 to 18.74.
The greenback is modestly stronger in the market as equity prices drop in Wall Street and also on the back of a correction in crude oil prices.
USD/MXN Technical outlook
The trend still points to the downside although the negative tone eased. After finding support at the key 18.75 zone, a consolidation was expected. During the last hour, it accelerated to the upside. If the move to the upside, sends the price above 19.00, it would be a significant reversal, pointing that a bottom is in place and signaling more gains ahead.
The pair bottomed today at 18.74, matching Friday’s and the 2019 low. The area around 18.75 has become a critical short-term support. A break lower would intensify the negative tone exposing 18.70 and the next support at 18.60. On the upside, the immediate resistance is seen around 18.90 and above the key 19.00/05.
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