untitled design

USD/MXN erases gains after hitting weekly highs at 20.15

  • 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

USDMXN

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

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular