USD/MXN keeps range below 17.00

By FXStreet FXStreet (Córdoba) – USD/MXN is about to end the week with modest losses, trading around 16.83. Most of Latin-American currencies ended the week higher versus the US dollar.

USD/MXN technical outlook

The pair moved all the week sideways, inside a trading range that continues to limit price action. On Monday it reached the strongest level in a week as it traded momentarily above 17.00. Price was rejected from those levels and bounced to the downside, falling to test the bottom of the range.

Once again the area around 16.70 offered support. USD/MXN reached the lowest level of the week yesterday at 16.695 and today moved modestly to the upside.

The range remains intact and a consolidation above 17.00 or below 16.70 appears to be needed to change the current neutral bias.
For more information, read our latest forex news. …read more

Source:: FX Street