The USD/MXN exotic pair is set to test the year-to-date (YTD) high of 18.99 after refreshing multi-week highs of 18.81. Momentum as depicted by the Relative Strength Index (RSI) supports buyers, with the RSI approaching overbought conditions.
If USD/MXN surpasses the YTD high at 18.99, that could open the door to test 19.00. Once surpassed, the next resistance would be March 20, 2023, peaking at 19.23 before challenging 19.50.
Conversely, if USD/MXN retreats below 18.00, it would pave the way to challenge the 50-day Simple Moving Average (SMA) at 17.93, the first support level. The next support would be the latest cycle low of 17.58, the July 12 high turned support. A breach of this level will expose the January 23 peak at 17.38.
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