USD/MXN Price Analysis: Mexican peso looks for direction below key resistance confluence

• USD/MXN searches for a firm direction below the key upside barrier.
• 10/21-day SMAs and 23.6% Fibonacci retracement challenge buyers.
• Late-March low on the sellers’ radars.

USD/MXN remains mostly directionless around 23.40 amid Wednesday’s Asian session. Even so, the pair remains below the strong resistance confluence including 10 and 21-day SMAs as well as 23.6% Fibonacci retracement level of February-April upside.

As a result, sellers are gradually inching closer towards late-March low near 22.86 with 23.00 round-figure likely offering an intermediate halt.

However, 50% Fibonacci retracement level around 22.10 could challenge the pair’s further downside.

On the upside, a successful break above 23.95/24.05 area could aim for 24.75 ahead of targeting the record high of 25.78.

USD/MXN forecast chart

Trend: Further weakness expected