The recent rebound in USD/MXN appears to be stalling ahead of the March high (20.9997) as it fails to extend the series of higher highs and lows carried over from last week.
In turn, USD/MXN may consolidate over the coming days as it holds below the weekly high (20.5430), and a close below 20.3200 (38.2% Fibonacci retracement) may push the exchange rate towards 20.0900 (100% Fibonacci extension).
Next area of interest comes in around 19.8990 (38.2% Fibonacci retracement), but USD/MXN may further retrace the decline from the March high (20.9997) should it continue to hold above 20.3200 (38.2% Fibonacci retracement).
--- Written by David Song, Senior Strategist at FOREX.com
In turn, USD/MXN may consolidate over the coming days as it holds below the weekly high (20.5430), and a close below 20.3200 (38.2% Fibonacci retracement) may push the exchange rate towards 20.0900 (100% Fibonacci extension).
Next area of interest comes in around 19.8990 (38.2% Fibonacci retracement), but USD/MXN may further retrace the decline from the March high (20.9997) should it continue to hold above 20.3200 (38.2% Fibonacci retracement).
--- Written by David Song, Senior Strategist at FOREX.com
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