USD/MXN Price Analysis: At fresh eight-month lows, next target near 19.60

• Mexican peso continues to rise at a modest pace versus the US dollar.
• Next potential target in USD/MXN seen at 19.55/60.

The USD/MXN is trading at 19.72, after hitting at 19.69 the lowest level since March. A consolidation below the 19.70/75 area would open the doors to further losses. The next target is seen at 19.55/60; below the next strong barrier is the 19.30 area.

The main trend in USD/MXN is bearish. A correction would face initial resistance at 19.95/20.00. A recovery above 20.20 (horizontal resistance / 20-day moving average) would alleviate the bearish pressure.

On a wider perspective, the negative trend will remain in place as long as it holds below an eight-month downtrend line, today at the 21.30/35.

USD/MXN daily chart