USD/MXN Price Analysis: Mexican peso strengthens under 20.00

• USD/MXN falls to fresh multi-month lows, attempts to consolidate below 20.00.
• Mexican peso about to post the highest close since mid-March.

The USD/MXN dropped again below 20.00 and bottomed at 19.85, the lowest level since March. This time it is holding below. A close under 20.00 would point to more weakness ahead for the dollar.

The downside target in USD/MXN is seen at 19.75; while at 19.60 a strong support is seen followed by 19.30. A rebound back above 20.00 would alleviate the negative pressure.

On a general view, the bearish trend will remain in place while below 21.40. An interim resistance is seen at 20.70/80.

USD/MXN daily chart