USD/MXN Technical Analysis: Bullish outlook remains intact despite correction
- The Mexican peso rose on today after falling during three consecutive days, amid a correction of the greenback versus emerging market currencies. The tone around emerging markets still favors the US dollar.
- The USD/MXN trend still points to the upside. Risk are tilted to the upside that could gain more strength if it rises back above 20.50. The next resistance is seen at 20.65 and above at 20.90 that protects YTD highs and the 21.00 zone.
- The 20.20/25 area is an important short-term support: the convergence of an uptrend line and the 20-day moving average. A slide below would remove some upside pressure. Below that level, the next strong support is 20.10 that is likely to hold if tested over the next session favoring a rebound to 20.30.
USD/MXN Daily Chart
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USD/MXN
Overview:
Today Last Price: 20.4708
Today Daily change %: -0.712%
Today Daily Open: 20.6175
Trends:
Previous Daily SMA20: 20.2193
Previous Daily SMA50: 19.511
Previous Daily SMA100: 19.2098
Previous Daily SMA200: 19.1932
Levels:
Previous Daily High: 20.647
Previous Daily Low: 20.3391
Previous Weekly High: 20.552
Previous Weekly Low: 20.1112
Previous Monthly High: 20.484
Previous Monthly Low: 18.5
Previous Daily Fibonacci 38.2%: 20.5294
Previous Daily Fibonacci 61.8%: 20.4567
Previous Daily Pivot Point S1: 20.4221
Previous Daily Pivot Point S2: 20.2266
Previous Daily Pivot Point S3: 20.1142
Previous Daily Pivot Point R1: 20.73
Previous Daily Pivot Point R2: 20.8424
Previous Daily Pivot Point R3: 21.0379