Technical analysis: Mexican Peso depreciates sharply as USD/MXN rises above 19.30
The USD/MXN is trimming some of its gains, following a spike that lifted the pair to a new 22-month high, to levels last seen in October 2022. But it’s still headed for further gains.
The Relative Strength Index (RSI) suggests that buyers are in charge after turning overbought, as seen by the USD/MXN dip from highs toward the current exchange rate. However, once the RSI dives below 70, buyers could re-enter and lift the pair higher.
If USD/MXN achieves a daily close above the August 2 high of 19.22, that will expose the 19.50 psychological figure. A further upside is seen above that level, at 20.00, followed by the current year-to-date (YTD) peak at 19.22.
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