Technical analysis: Mexican Peso depreciates sharply as USD/MXN rises above 19.30
The USD/MXN uptrend remains intact once it crosses the 19.00 psychological figure, opening the door for further upside. Momentum favors buyers, as depicted by the Relative Strength Index (RSI), which is bullish at overbought territory. Although this could pave the way for a pullback, once RSI normalizes, the trend could resume upwards.
The first resistance would be the psychological 19.50 mark. Once cleared, the next stop would be the 20.00 mark, followed by the current YTD high at 20.22.
Conversely, the USD/MXN first support would be the 19.00 mark. A breach of the latter will expose the August 1 swing low of 18.42, followed by the 50-day Simple Moving Average (SMA) at 18.17.
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