USD/MXN Price Analysis: Mexican peso stays pressured near three-week low

• USD/MXN registers a six-day winning streak.
• 10-day SMA, seven-week-old rising trend line restrict near-term downside.
• March-month top acts as a buffer to the record high.

USD/MXN takes the bids to 25.02, up 0.10% on a day, during the early Asian session on Monday.

While being on the front foot, the pair rises for the six days in a row while heading towards the record top of 25.78 flashed during the early-month.

However, Friday’s high near 25.30 and the late-March peak close to 25.45 might offer intermediate halts during the rise.

On the flip side, a confluence of 10-day SMA and an ascending trend line since March 10, surrounding 24.45/40 seems to limit the pair’s near-term declines.

In a case where the quote registers a daily closing below 24.40, the mid-month top around 23.90 and the monthly bottom near 23.30 could lure the bears.

USD/MXN forecast chart

Trend: Bullish