USD/MXN accelerates to the upside and exceeds 20.00, reaches a maximum in one week

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  • The Mexican peso continues to decline against the dollar in the face of a cautious climate in the markets.
  • USD/MXN continues to rebound from lows in months.
  • US retail sales mixed results, focus shifts to Fed minutes to be released in hours.

USD/MXN is rising for the second day in a row and is back above 20.00. The upward momentum is given by a general rise in the dollar in the market.

The cautious climate in the stock markets along with a rise in Treasury bond yields are proving to be a supportive factor for the USD/MXN. In addition, the weakness of the prices of raw materials can be added to the above.

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Regarding data, it was learned that US retail sales remained unchanged in July against the expectation of a rise of 0.1%. The details of the report were encouraging as sales of the control group and without taking into account vehicles climbed above expectations.

In the afternoon of the American session, the minutes of the last meeting of the Federal Reserve when he raised the interest rate by 75 basis points.

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USD/MXN hits the minutes in the midst of an acceleration. The pair reached as high as 20.08, the highest in a week. Less than a day ago it was trading below 19.90. The bullish tone could gain support if it continues above 20.00. In case of rising, the next resistance is seen in 20.20. A return under 19.85 would return the moment to the Mexican weight.

Technical levels

USD/MXN

Panorama
Last Price Today 20.0532
Today’s Daily Change 0.1450
Today’s Daily Change % 0.73
Today’s Daily Opening 19.9082
Trends
20 Daily SMA 20,307
50 Daily SMA 20.3085
100 Daily SMA 20,153
200 Daily SMA 20.4197
levels
Previous Daily High 20.0026
Previous Daily Minimum 19.8052
Previous Maximum Weekly 20.4435
Previous Weekly Minimum 19.8104
Monthly Prior Maximum 21.0539
Previous Monthly Minimum 20.0921
Daily Fibonacci 38.2% 19.9272
Daily Fibonacci 61.8% 19.8806
Daily Pivot Point S1 19.8081
Daily Pivot Point S2 19,708
Daily Pivot Point S3 19.6108
Daily Pivot Point R1 20.0054
Daily Pivot Point R2 20.1026
Daily Pivot Point R3 20.2027

Source: Fx Street

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