- The dollar loses strength after consumer confidence report.
- USD/MXN hangs on to weekly gains but fails to break key resistance.
USD/MXN rallied as high as 20.15 on Friday, hitting the highest in over a week but then turning around and is trading at 20.07, unchanged for Friday, but heading for a positive weekly close. The factor behind is the firmer dollar.
On Mexico’s Independence Day, the Mexican peso was not having a good day, affected by the fall in equity markets and the strength of the dollar. But this changed after the University of Michigan’s preliminary consumer confidence report showed a slight improvement in the main index and a drop in inflation expectations.
The dollar remains firm ahead of the meeting of the Federal Reserve of the next The US central bank would raise the interest rate by 75 basis points. This would later be followed by Banxico, when the Governing Board meets on September 29.
USD/MXN weekly chart
The weekly chart shows USD/MXN cutting three drops in a row. It is unsuccessfully trying to get back above the 20-week SMA, which would be a bullish sign if it materialized. This signal would take on greater relevance if the close occurs above 20.20.
In the opposite direction, the peso needs a weekly close below 19.80 to enable further declines, with a possible target in the 19.50/55 area.
USD/MXN
Overview | |
---|---|
Today last price | 20.0742 |
Today Daily Change | 0.0027 |
Today Daily Change % | 0.01 |
Today daily open | 20.0715 |
trends | |
---|---|
Daily SMA20 | 20.0224 |
Daily SMA50 | 20.2364 |
Daily SMA100 | 20.1491 |
Daily SMA200 | 20.3031 |
levels | |
---|---|
Previous Daily High | 20.0929 |
Previous Daily Low | 19.9462 |
Previous Weekly High | 20.1884 |
Previous Weekly Low | 19,868 |
Previous Monthly High | 20.8261 |
Previous Monthly Low | 19.8019 |
Daily Fibonacci 38.2% | 20.0368 |
Daily Fibonacci 61.8% | 20.0022 |
Daily Pivot Point S1 | 19.9808 |
Daily Pivot Point S2 | 19.8901 |
Daily Pivot Point S3 | 19,834 |
Daily Pivot Point R1 | 20.1276 |
Daily Pivot Point R2 | 20.1836 |
Daily Pivot Point R3 | 20.2743 |
Source: Fx Street
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