USD/MXN Price Analysis: Breaks 24.00 and tests 23.80, another key support

• Mexican peso among top performers on Tuesday on risk appetite, Fed meeting.
• USD/MXN testing uptrend line, bearish momentum intact.

The USD/MXN is falling for the third day in a row and below the 20-day moving average for the first time in a week. Technical indicators favour further declines.

The pair is testing the 23.80 support area, an uptrend line from late March lows. A break lower would target 23.60 and then comes April lows around 23.20.

The greenback needs to remain above 23.80 to avoid further losses. A recovery to 24.00 would alleviate the pressure. A daily close above would open the doors to more gains.