The Mexican Peso loses ground versus the Dollar

The USD/MXN rallies rapidly for today as seen on the daily chart and we can also see that the pair was not able to confirm the breakdown below the 200 day exponential moving average, just around the 17.25 level. The pair was making lower highs with the 55 day exponential moving average, purple line, acting as a good resistance. Today the price goes back to the 55 day EMA and it may try to break it to the upside. If it breaks to the upside, then the 18.00 level could act as resistance. For now there is the possibility of the 55 day EMA to act as resistance and the price may try to go back to the 200 day EMA.