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USD/MXN supported by 16.35

FXStreet (Córdoba) - The US dollar is rising against emerging market currencies on Tuesdays; versus the Mexican peso gains for the second day in a row.

USD/MXN dropped sharply last week and bottomed at 16.36 (4-week low), after making an important bearish correction from 17.33 (record high). The area around 16.35 again capped the decline, as it did on September.

Correction over?

The 16.35 level has become a key support. A break lower is likely to open the doors for an extension of the decline in the pair. If it holds above, greenback could gain momentum.

At the moment, the pair is moving away from the 16.35 zone and is recovering part of last week lows. It is trading at 16.57, up 0.57% for the day. Earlier it peaked at 16.65, the strongest level since last Thursday.

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