Technical outlook: Mexican Peso strengthens as USD/MXN falls below 19.60
The USD/MXN daily chart hints that the uptrend remains intact despite the ongoing pullback. Momentum favors buyers as seen by the Relative Strength Index (RSI).
On further USD/MXN strength, the pair could challenge the current week-to-date (WTD) high of 19.79. A breach of the latter will expose 20.00, followed by the year-to-date (YTD) high at 20.22 and the psychological 20.50 supply area.
Conversely, if USD/MXN tumbles below 19.50, this could expose the 19.00 figure. Further losses lie beneath that level, opening the door to test the August 19 low of 18.59, followed by the 50-day Simple Moving Average (SMA) at 18.48.
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