USD/MXN consolidates near 1-month lows

USD/MXN is falling on Monday and it continues to consolidate around last week levels. The Mexican peso strengthened a week ago, after the second debate in the US ahead of the November Presidential elections. 

A week ago the pair opened with a bearish gap and bottomed at 18.79, the lowest level in a month. Since then the pair has been moving in a range between 18.80 and 19.05. 

Today the pair traded momentary above 19.00 and peaked at 19.05, under last week lows but then it turned to the downside. It was trading near daily lows at18.85, down 0.73% for the day. 

The Peso continues to consolidate far from record high levels it reached back in September near 20.00. Since then, Banxico rose rates by 50 basis points and polls in the US showed a decline in Donald Trump winning chances. 

Technical levels 

To the upside, resistance levels might be located at 19.05/10 (recent daily high), 19.37 (Oct 7 high) and 19.60. On the opposite direction, support could be seen at 18.80 (recent lows), 18.62 (Aug 24 low) and 18.50. 

 

 

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