On a consolidation range, awaiting definition

  • The Mexican peso remains steady against the US Dollar as last week spike was followed by a retreat. 
  • USD/MXN was rejected from above 19.30 and pulled back, reinforzing the current range. 

The USD/MXN is moving sideways in range within another wider range. The key support level is seen at the 18.90 zone. A break lower would break the lower limit of the range, targeting 2019 lows at 18.75.
On the upside, the immediate resistance is 19.10 (upper limit of the small range) and a consolidation on top would strengthen the US Dollar
The critical area to the upside is 19.25/30: a daily close on top would signal an extension toward 19.50. 

USD/MXN Daily Chart

USD/MXN