The USD/MXN is consolidating in the 18.00-18.40 range after hitting a daily low of 18.25. Momentum favors buyers, as shown by the Relative Strength Index (RSI) being bullish. Despite that, buyers must reclaim the June 28 high of 18.59 if they would like to extend their gains and challenge the year-to-date (YTD) high of 18.99.
In that event, further gains are seen, including the March 20, 2023, high of 19.23. Once cleared, it will expose 19.50.
For a bearish continuation, sellers must reclaim the April 19 high turned support at 18.15, which would pave the way toward 18.00. The next support would be the 50-day Simple Moving Average (SMA) at 17.37 before testing the 200-day SMA at 17.23.
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