USD/MXN Technical Outlook Remains Bearish
USD/MXN Technical Highlights:
- USD/MXN downtrend remains well intact
- March trend-line a guide
- 19.55 support level to watch
USD/MXN tried to pop above the March trend-line last month, but was quickly swatted lower. This keeps pressure on the downside as we continue forward. A move down below 19.55 could open up the door towards support (18.52) from prior to the coronavirus spike. Risk trends remain favorable for a bearish outlook – it will likely take a dose of fear in markets to bring buyers in full force to the pair.
USD/MXN Daily Chart (March resistance, 19.55 support)
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.