USD/MXN falls to one-week lows and tests the 20.00 zone

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  • The Mexican peso rises for the fourth day of the last five against the dollar.
  • The dollar loses strength due to a rebound in the markets and raw materials.
  • USD/MXN falls towards 20.00, with a negative outlook.

USD/MXN is falling on Monday against a backdrop of calm markets, lower Treasury yields and a rebound in commodities. The Mexican peso is trading at one-week highs and aims to test the 20.00 zone.

The strong reversal that started on Wednesday from a peak above 20.60 continues. On Monday the USD/MXN opened near 20.15 with a bearish bias. It recently broke below 20.05 and fell to 20.03, the lowest since September 23.

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The price returned below the 20-day moving average and if it continues below 20.17 the bias will be negative. If it breaks 20.00, the next strong support is located in the area of ​​19.80. A firm return above 20.25 would be a positive factor putting USD/MXN back on track for more gains and a test of 20.45.

The Mexican peso is favored at the beginning of the week by a rise in shares on Wall Street and a drop in the yields of US Treasury bonds. In turn, raw materials recover, highlighting the advance in the Petroleum. The barrel of WTI rises more than 4%.

Technical levels

USD/MXN

Panorama
Last Price Today 20.0758
Today’s Daily Change -0.0661
Today’s Daily Change % -0.33
Today’s Daily Opening 20.1419
Trends
20 Daily SMA 20.0606
50 Daily SMA 20.1263
100 Daily SMA 20.1319
200 Daily SMA 20.2631
levels
Previous Daily High 20.1979
Previous Daily Minimum 20.0509
Previous Maximum Weekly 20.5794
Previous Weekly Minimum 20.0509
Monthly Prior Maximum 20.5794
Previous Monthly Minimum 19.7533
Daily Fibonacci 38.2% 20.1071
Daily Fibonacci 61.8% 20.1418
Daily Pivot Point S1 20.0625
Daily Pivot Point S2 19.9832
Daily Pivot Point S3 19.9156
Daily Pivot Point R1 20.2095
Daily Pivot Point R2 20.2772
Daily Pivot Point R3 20.3565

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Source: Fx Street

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