25 Jun 2015
USD/MXN testing levels above 15.50
FXStreet (Córdoba) - The Mexican peso erased gains and reached the lowest level in two weeks against the US dollar. USD/MXN tested yesterday the 15.50 handle and today after rebounding at 15.445, rose above peaking at 15.515.
The pair is now hovering around 15.500 near the same level it closed yesterday and currently is consolidating above the 15.450 zone that now is the immediate relevant support.
USD/MXN outlook
The pair still holds a bullish tone in the long-term, trading near record highs, that reached early in June at 15.765; from there started a correction. Last week bottomed at 15.165 (1-month low) but then reversed and on Monday broke above a downtrend bearish line turning bullish in the short-term.
The pair is now hovering around 15.500 near the same level it closed yesterday and currently is consolidating above the 15.450 zone that now is the immediate relevant support.
USD/MXN outlook
The pair still holds a bullish tone in the long-term, trading near record highs, that reached early in June at 15.765; from there started a correction. Last week bottomed at 15.165 (1-month low) but then reversed and on Monday broke above a downtrend bearish line turning bullish in the short-term.