Mexican Peso Technical Price Outlook: USD/MXN Near-term Trade Levels
- Mexican Peso updated technical trade levels – Weekly & 240min Chart
- USD/MXN[1] continues to coil within the April range- break to offer guidance
- Risk for a deeper correction while below 25.3556.
The US Dollar[2] snapped a two-week rally against the Mexican Peso last week and keeps price within a broad multi-week consolidation pattern just below the record highs. While the broader outlook remains constructive, the dollar remains vulnerable while below this threshold as we head deeper into May trade. These are the updated targets and invalidation levels that matter on the USD[3]/MXN technical price charts. Review my latest Strategy Webinar[4] for an in-depth breakdown of this Peso trade setup and more.
Mexican Peso Price Chart – USD/MXN Weekly
Chart Prepared by Michael Boutros[5], Technical Strategist; USD/MXN on Tradingview[6]
Technical Outlook: In my last Mexican Peso Price Outlook[7] we noted that the broader USD/MXN[8] advance was vulnerable after reversing off critical resistance at the 200% extension at 25.5466 and to be, “on the lookout for topside exhaustion while below the upper parallel with a break below up-slope support needed to shift the focus lower.” The peso plummeted more than 6.5% off the late-April high before rebounding sharply with price closing down just 1.49% last week.
Initial weekly support rests with the April open at 23.6988 backed by the high-week reversal close at 23.3375- ultimately a close below is needed to suggest a larger correction is underway. Key resistance[9] steady at 25.4474/5466.
Mexican Peso Price Chart – USD/MXN 120min
Notes: A closer look at Peso price action shows USD[10]/MXN continuing to trade within
