- USD / MXN falls for the seventh day in a row, showing some signs of exhaustion.
- Technical indicators favor the Mexican peso, with strong support at 19.80.
Market optimism and a weaker US dollar remain the relevant drivers of the USD / MXN decline. It bottomed at 19.85, the lowest level in three weeks, on Friday after the NFP report. It then rebounded modestly, resuming the slide on Monday.
Despite the further decline, USD / MXN is trading above the 19.80 support area. A lower break would clear the way for more losses, with the next support levels at 19.70 and 19.55.
After falling for many days, some signs of exhaustion are emerging. Still, the bias points to the downside. An upward correction while below 20.10 would keep the downside bias intact.
A close above 10.20 should point to more gains ahead. The USD / MXN would have recovered key moving averages. The next resistance is seen at 20.20, with a daily close above favoring a test of the 20.40 zone.
Daily USD / MXN chart
|Today last price||19.8944|
|Today’s Daily Change||-0.0306|
|Today daily change%||-0.15|
|Today they open every day||19.925|
|Previous Daily High||19.985|
|Previous Daily Low||19.8512|
|Previous weekly high||20.2258|
|Previous Weekly Low||19.8512|
|Previous monthly maximum||20.4572|
|Previous Monthly Low||19.8037|
|Daily Fibonacci 38.2%||19.9023|
|Daily Fibonacci 61.8%||19.9339|
|Daily Pivot Point S1||19.8558|
|S2 daily pivot point||19.7867|
|S3 Daily Pivot Point||19.7221|
|R1 daily pivot point||19.9896|
|Daily pivot point R2||20.0541|
|R3 daily pivot point||20.1233|