USD/MXN Price Forecast: Holds position above 18.50, tests barrier at nine-day EMA
Moreover, the 9-day Exponential Moving Average (EMA) is higher than the 50-day EMA, indicating a bullish signal for the USD/MXN pair. This suggests that the short-term price trend is stronger than the long-term trend, which could imply upward momentum in the asset's price.
On the upside, the nine-day Exponential Moving Average (EMA) at the 18.81 level serves as an immediate barrier, followed by the lower boundary of the ascending channel around the 19.00 level.
A return to the ascending channel would reinforce the bullish bias, potentially leading the USD/MXN pair to explore the region around the upper boundary of the ascending channel at 20.06, the highest level since October 2022, which was reached on August 5.
In terms of support, the 50-day EMA at 18.35 appears as a key support level. A break below this level could initiate the emergence of the bearish bias and push the USD/MXN pair to navigate the area around throwback support at the 17.60 level.
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