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Technical analysis: Mexican Peso stays near weekly lows, USD/MXN hovers around 18.10

Wulan Viana
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The USD/MXN dropped to an eight-day low of 17.99 just to find bids that pushed the exchange rate back toward the 18.10 area. Friday’s price action is forming a Doji candle, an indication that neither buyers nor sellers are winning the battle that could keep the exotic pair trading within the 18.00-18.10 in the short term.

Momentum shows a slight recovery as the Relative Strength Index (RSI) turned flat in bullish territory after posting three days of lower readings. This confirms the USD/MXN range-bound trading. 



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