USD/MXN Price Analysis: Bearish bias intact, Mexican peso needs to break 20.30

• Mexican peso remains in range, holding onto recent gains versus the US dollar.
• USD/MXN keeps testing the 20.30/35 support area.
• Resistance emerges at 20.55, horizontal level and the 20 and 100-SMA.

The USD/MXN continues to be unable to move away from the 20.35 area. Like what happened every day of the week, the pair rose above 20.40 only to slide later.

The Mexican peso remains strong and continues to pressure the 20.30/35 support. A break lower would clear the way to more losses, targeting initially 20.15 and then the 20.00 zone.

In the area, horizontal levels and the 20 and 100-day simple moving average are located. On the upside, the immediate strong resistance emerges at 20.55 and near another at 20.60. A daily close above would expose the next resistance at 20.85.

Technical indicators are flat affected by the consolidation. The USD/MXN hit a monthly intraday low on Wednesday but it failed to make a run under 20.30. The 200-SMA awaits flat at 20.28.

USD/MXN daily chart