USD/MXN Price Analysis: Correction in progress, next target 18.85

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  • USD/MXN rebounds strongly from its lowest level in almost three years.
  • A strong support zone above 18.50 and Risk Aversion trigger the bounce.

USD/MXN rises on Wednesday after touching 18.55, the lowest level since February 2020. The rebound represents a correction after falling steadily since the beginning of the year.

The ongoing run faces resistance at 18.75. An upside break would target 18.85. The next vital resistance lies at 19.00/05, which should limit the upside. Above is 19.20 which, if broken, would weaken the Mexican peso.

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A deterioration in market sentiment favored a correction in USD/MXN, which would continue to receive support while Wall Street values ​​continue to fall.

The Mexican peso needs to stay below 18.70 to keep the doors open for another test of the 18.55 zone and the 2020 low at 18.50. A break down would target 18.30.

USD/MXN daily chart

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Last price today 18.7619
daily change today 0.0886
today’s daily variation 0.47
today’s daily opening 18.6733
daily SMA20 19.2377
daily SMA50 19,404
daily SMA100 19.6887
daily SMA200 19.9253
previous daily high 18.8343
previous daily low 18.6649
Previous Weekly High 19.1951
previous weekly low 18.7331
Previous Monthly High 19.9181
Previous monthly minimum 19.1084
Fibonacci daily 38.2 18.7296
Fibonacci 61.8% daily 18.7696
Daily Pivot Point S1 18.6141
Daily Pivot Point S2 18.5548
Daily Pivot Point S3 18.4447
Daily Pivot Point R1 18.7835
Daily Pivot Point R2 18.8936
Daily Pivot Point R3 18.9528

Source: Fx Street

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