USD/MXN bounces off 18.80, remains close to lowest in years

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  • USD/MXN corrects modestly higher, bearish outlook intact.
  • Quiet day, for the moment, in the financial markets after the holiday.

USD/MXN is rising on Tuesday and is trading at daily highs at 18.82, before the start of the American session. It is the second straight daily rise, coming after the pair posted its lowest daily close in nearly three years.

The dominant trend remains bearish for USD/MXN and the increases for the moment are seen as normal corrections. In case of extension, resistance is seen at 18.90 and then at 19.00/05. Going the other way, the pair needs to firm below 18.70 to enable a further decline. The next strong support is seen at 18.50.

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The dollar is trading flat on Tuesday, validating recent sharp falls. Wall Street points to a negative open after the holiday on Monday, which does not help emerging market currencies. Part of the support for the greenback comes from the rise in Treasury yields, after last week’s bond rally.

In the US the Empire manufacturing index will be published. Wednesday will be the day of the industrial production and retail sales report.

technical levels


Last Price Today 18.8187
Today’s Daily Change 0.0317
Today’s Daily Change % 0.17
Today’s Daily Open 18,787
20 Daily SMA 19.2925
SMA of 50 Daily 19.4212
SMA of 100 Daily 19.7035
SMA of 200 Daily 19,931
Previous Daily High 18.8569
Minimum Previous Daily 18,731
Previous Weekly High 19.1951
Previous Weekly Minimum 18.7331
Maximum Prior Monthly 19.9181
Minimum Prior Monthly 19.1084
Daily Fibonacci 38.2% 18.8088
Daily Fibonacci 61.8% 18.7791
Daily Pivot Point S1 18.7264
Daily Pivot Point S2 18.6658
Daily Pivot Point S3 18.6006
Daily Pivot Point R1 18.8523
Daily Pivot Point R2 18.9175
Daily Pivot Point R3 18.9781
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Source: Fx Street

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