USD/MXN Price Analysis: Resistance at 20.65/70 keep upside limited

• Mexican peso holds a negative bias versus US dollar.
• USD/MXN moving in a new higher range biased to the upside.
• The area around 20.65/70 keeps the upside limited.

The USD/MXN is rising on Monday after a pullback on Friday. The cross is approaching last week high at 20.72. More important, it is testing the 20.65/70 resistance area. A break higher should clear the way to more gain.

The bias points to the upside in USD/MXN. Currently, is it moving in a range between 20.45 and 20.70.  A slide below 20.45 should clear the way for an extension toward 20.30. Below the net support stands around 20.13/18 that contains the 100 and 200 moving average.

On the upside, the 20.65/70 area capped the rally so far. A daily close above 20.70 should expose the next key area of 20.85/90, the last defence to 21.00.

USD/MXN daily chart