USD/MXN - Is the bullish move running out of steam?

USD/MXN is once again failing to breach the key resistance around 20.77, suggesting the bullish move could be running out of steam. 

Mexican Peso dropped to a record low/USD/MXN rose to record high of 21.3926 after Trump’s victory in the US Presidential Election. Moreover, the markets had positioned for Clinton victory. Consequently, Trump victory led to a sharp sell-off in the Mexican Peso. 

Whether Trump will build a wall across the Mexican border remains to be seen. As of now, the rebound from 20.13 (Nov 17 low) is failing near 20.77 levels. 

USD/MXN Technical Levels

Breach of resistance at 20.77 (previous day’s high, Nov 18 high) on the daily closing basis would open doors for 21.1037 (Nov 14 high) and 21.3926 (record high). On the lower side, breach of support at 20.55 (previous day’s low) could yield a sell-off to 20.28 (Nov 22 low) and 20.13 (Nov 17 low).