The USD/MXN remains upwardly biased, yet a double top formation looms. Momentum is shifting to the downside, yet the Relative Strength Index (RSI) remains in bullish territory.
If USD/MXN edges below 19.00, this could exacerbate a leg-down toward the August 19 low of 18.59 on further weakness, the pair could test the 50-day Simple Moving Average (SMA) at 18.45, followed by the psychological 18.00 mark.
On the other hand, if buyers keep the USD/MXN above 19.00, that could pave the way for a consolidation. If the pair clears the 19.40 mark, look for a move toward the 20.00 figure before testing the year-to-date (YTD) high at 20.22
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