USD/MXN Price Analysis: Looking for 19.80 while trading below 20.00

- Advertisement -
  • USD/MXN with a bearish bias in the very short term, in range.
  • Next support below 19.90 at 19.80.
  • Critical resistance around 20.20/25.

The USD/MXN is rising modestly on Monday as it continues to trade near the weekly low it hit earlier in the week at 19.91. Momentum and technical indicators point to the downside in the very short term. A break below 19.90 would expose the next support zone at 19.80.

Since mid-August, the USD/MXN has been moving sideways in a range between 19.80 and 20.25. The 19.80 zone should hold if tested in the short term, offering a bounce. A firm break lower would further weaken the dollar, exposing 19.72.

- Advertisement -

On the upside, immediate resistance is at 20.02 (20-day SMA), followed by 20.17. A daily close above 20.25 would change the short-term bias to neutral/bullish and open the door for more gains, targeting the 20.45 area initially.

USD/MXN daily chart

- Advertisement -

Technical levels

USD/MXN

Panorama
Last Price Today19.9872
Today’s Daily Change0.0387
Today’s Daily Change %0.19
Today’s Daily Opening19.9485
Trends
20 Daily SMA20.0368
50 Daily SMA20.2895
100 Daily SMA20.1677
200 Daily SMA20.36
levels
Previous Daily High20.2069
Previous Daily Minimum19.9258
Previous Maximum Weekly20.2946
Previous Weekly Minimum19.9114
Monthly Prior Maximum20.8261
Previous Monthly Minimum19.8019
Daily Fibonacci 38.2%20.0332
Daily Fibonacci 61.8%20.0995
Daily Pivot Point S119.8473
Daily Pivot Point S219.7461
Daily Pivot Point S319.5663
Daily Pivot Point R120.1283
Daily Pivot Point R220.3081
Daily Pivot Point R320.4093

Source: Fx Street

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Hot Topics

Related Articles