The USD/MXN is bullishly biased despite dipping to a five-day low of 18.29 as momentum shows buyers are in charge. The Relative Strength Index (RSI) is bullish above the 50-midline, indicating that bullish momentum is intact.
Buyers achieving a daily close above 18.50 could pave the way for further upside. Next would be the year-to-date high of 18.99, followed by the March 20, 2023, high of 19.23. A breach of the latter will sponsor an uptick to 19.50, ahead of the psychological 20.00 mark.
Conversely, if sellers push prices below the April 19 high of 18.15, that will keep the exotic pair trading within the 18.00-18.15 range.
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