USD/MXN falls slightly after the highest daily close in a month near 19.80

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  • USD/MXN completed two days of strong gains on Monday and corrected lower on Tuesday.
  • Zone of 19.80 contained the advance, the bullish tone continues.
  • Mexican peso continues to be among the worst performing currencies.

USD/MXN rose again on Monday, posting the steepest advance in months and reaching as high as 19.86, the highest in a month. It then pulled back to close the day at 19.72. Tuesday continues with the pullback and trades around 19.67.

The Mexican peso is among the currencies that has lost the most ground against the dollar in recent days, reflecting not only the strength of the US currency but also weakness on the Mexican peso side.

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The Negative factors for the Mexican currency include technical issues. The USD/MXN break above 19.50/60 further accelerated the rises. The 19.80 zone contained the advance, since although it operated above, there was no daily close on these levels. If there is one, the weakness of the MXN would be expected to continue taking the pair towards 20.00.

In the opposite direction, now 19.60 looms as a key support. If the Mexican peso breaks below, it could recover momentum and alleviate current upward pressures.

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The increases occurred before economic data from the US that lead one to think of a continuation of the rate hike in the US and a sharp fall in the price of oil. In addition to the above, the USD/MXN was correcting upwards, after having fallen last week to its lowest since February 2020, around 19.00.

technical levels

USD/MXN

Panorama
Last Price Today 19.6802
Today’s Daily Change -0.0503
Today’s Daily Change % -0.25
Today’s Daily Open 19.7305
Trends
20 Daily SMA 19.3994
SMA of 50 Daily 19.7295
SMA of 100 Daily 19.9419
SMA of 200 Daily 20.0779
levels
Previous Daily High 19.8648
Minimum Previous Daily 19.3482
Previous Weekly High 19.4594
Previous Weekly Minimum 19.0402
Maximum Prior Monthly 19.8281
Minimum Prior Monthly 19.0402
Daily Fibonacci 38.2% 19.6675
Daily Fibonacci 61.8% 19.5455
Daily Pivot Point S1 19.4308
Daily Pivot Point S2 19.1311
Daily Pivot Point S3 18.9141
Daily Pivot Point R1 19.9475
Daily Pivot Point R2 20.1645
Daily Pivot Point R3 20.4642

Source: Fx Street

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