USD/MXN Price Analysis: Continues to move in ranges, still near 21.00

• Mexican peso rises versus US dollar on Thursday, boosted by a recovery in Wall Street.
• USD/MXN bias remains bullish; consolidation persists in the short term.

The USD/MXN is trading around 20.80, as it continues to move sideways in the short-term, with a bullish bias. The pair again failed to break above 21.00 and pulled back. The 21.00 mark is a critical resistance, and a consolidation above 21.10 would target the 21.50 level.

The outlook is USD/MXN still favors the upside. It needs to break above 21.00 to open the doors to more gains. The strong immediate support stands at 20.50; a decline below would lead to an extension of the correction.

The critical support for the upside bias is seen at 20.12/18, the convergence of an uptrend line, horizontal support and the 55-day simple moving average. The mentioned average just crossed the 100-day moving average, a bullish sign.

USD/MXN daily chart