Mexican Peso gained for 7 consecutive months against the greenback and reached 2015 levels

USD/MXN is one of the best pairs that offered in recent months the most reliable carry trades results. The rate is poised to close in negative territory for the seventh consecutive month, and today near the close of the session is trading at 16.6660 , down 1.25%, reaching levels seen last time on December 2015.

Using a monthly chart can be seen that in case the Peso would continue to appreciate, the critical support for USD/MXN would be at 15.8941, the 61.8% Fibonacci retracement of the multiyear uptrend 2008-2020.

In case the rate would rise above 17.51 short/intermediate term positive market sentiment would have some chances to develop.