The Mexican peso strengthens, faces a strong barrier near 19.80

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  • 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

USD/MXN

Overview
Today last price 19.8944
Today’s Daily Change -0.0306
Today daily change% -0.15
Today they open every day 19.925
Trends
Daily SMA20 20.0908
SMA50 daily 20.0095
SMA100 daily 20.0046
SMA200 daily 20.1155
Levels
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

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