Technical analysis: Mexican Peso slides slightly as USD/MXN rallies back above 18.30

The USD/MXN is upwardly biased, yet the pair would likely remain volatile as Banxico’s decision looms. Despite that, momentum is in favor of buyers as the Relative Strength Index (RSI) suggests that bulls are in control.

For a bullish continuation, buyers need to push the USD/MXN exchange rate past the psychological 18.50 level. Once cleared, the next stop would be the year-to-date (YTD) high of 18.99, followed by the March 20, 2023, high of 19.23, followed by an uptick to 19.50