USD/MXN falls to monthly lows below 19.90

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  • The Mexican peso maintains weekly gains against the dollar.
  • Emerging market currencies are weathering the wave of risk aversion well.
  • USD/MXN is headed for the third consecutive weekly decline.

The USD/MXN continued to fall on Friday and bottomed at 19.84, the lowest level in a month. It then trimmed losses and rose towards 19.90 as Wall Street turned negative.

Emerging market currencies have so far weathered the wave of risk aversion, but the negative tone in financial markets remains a big risk. An increase in tensions could affect not only the assets of emerging markets, but also their currencies.

Wall Street indices opened positive on Friday and then reversed course. The Dow Jones falls 0.71% and the S&P 500 falls 0.63%. The move took USD/MXN back to the 19.90 zone.

A daily close below should keep negative momentum intact, with room to test next support at 19.80. The next level to watch is the April low at 19.72.

If the dollar manages to recover above 19.90, the bearish bias would be alleviated. The next critical resistance lies at 20.05. If USD/MXN breaks above the 20-day SMA at 20.20, the short-term bearish outlook would be nullified.

Technical levels

USD/MXN

Panorama
Last Price Today 19.8863
Today’s Daily Change -0.0482
Today’s Daily Change % -0.24
Today’s Daily Opening 19.9345
Trends
20 Daily SMA 20.2361
50 Daily SMA 20.1848
100 Daily SMA 20.3695
200 Daily SMA 20.4441
levels
Previous Daily High 20.0737
Previous Daily Minimum 19.8712
Previous Maximum Weekly 20,475
Previous Weekly Minimum 20.0781
Monthly Prior Maximum 20.6382
Previous Monthly Minimum 19.7269
Daily Fibonacci 38.2% 19.9485
Daily Fibonacci 61.8% 19.9963
Daily Pivot Point S1 19.8459
Daily Pivot Point S2 19.7573
Daily Pivot Point S3 19.6434
Daily Pivot Point R1 20.0484
Daily Pivot Point R2 20.1623
Daily Pivot Point R3 20.2509

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Source: Fx Street

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