- US dollar corrects lower across the board, short-term trend remains bullish.
- USD/MXN in a consolidation range between 20.30 and 20.50.
- Above 20.50, the next resistance emerges at 20.70.
The USD/MXN falls on Tuesday, moving in a consolidation range. The pair bottomed at 20.28, the lowest intraday level in a week, and quickly recovered above 20.30. It is hovering around 20.36, looking at the 20.40 level again.
The main trend is still pointing up, although the technical indicators on the daily chart, such as the RSI, are turning lower. The price is around the simple moving average of 100 and 200 days, which is around 20.45. Horizontal resistance is seen at 20.50, so a consolidation clearly above 20.50 should open the doors for more gains, targeting the 20.70 area initially.
Risks still appear to be skewed to the upside, but USD/MXN needs to break above 20.50 in the coming sessions. A firm drop below 20.30 would strengthen the Mexican peso. The next support is located at 20.20 and then comes the 20-day simple moving average at 20.13. Below the latter, the short-term bias will turn bearish.
USD/MXN daily chart
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Technical levels
USD/MXN
| Panorama | |
|---|---|
| Last Price Today | 20.2984 |
| Today’s Daily Change | -0.1834 |
| Today’s Daily Change % | -0.90 |
| Today’s Daily Opening | 20.4818 |
| Trends | |
|---|---|
| 20 Daily SMA | 20.1212 |
| 50 Daily SMA | 20.3297 |
| 100 Daily SMA | 20.4472 |
| 200 Daily SMA | 20.4308 |
| levels | |
|---|---|
| Previous Daily High | 20.5113 |
| Previous Daily Minimum | 20.3419 |
| Previous Maximum Weekly | 20.6382 |
| Previous Weekly Minimum | 20.1614 |
| Monthly Prior Maximum | 20.6382 |
| Previous Monthly Minimum | 19.7269 |
| Daily Fibonacci 38.2% | 20.4466 |
| Daily Fibonacci 61.8% | 20.4066 |
| Daily Pivot Point S1 | 20.3787 |
| Daily Pivot Point S2 | 20.2756 |
| Daily Pivot Point S3 | 20.2093 |
| Daily Pivot Point R1 | 20.5481 |
| Daily Pivot Point R2 | 20.6144 |
| Daily Pivot Point R3 | 20.7175 |
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
