The USD/MXN uptrend has extended above the 20.00 figure, with the exotic pair meandering around the figure after reaching a daily high of 20.13. Momentum hints that buyers are stepping in, as depicted by the Relative Strength Index (RSI) aiming upward and cracking the latest peak.

If the USD/MXN holds to gains above 20.00, the next ceiling level would be the YTD high at 20.22. On further strength, the pair could challenge the daily high of September 28, 2022, at 20.57. If those two levels are surrendered, the next stop would be the swing high at 20.82 on August 2, 2022, ahead of 21.00.

Conversely, if USD/MXN weakens further, the first support would be 19.50. A breach of the latter will expose the August 23 swing low of 19.02 before giving way to sellers eyeing a test of the 50-day Simple Moving Average (SMA) at 18.65.