USD/MXN Price Analysis: Mexican peso breaks trend line, looking for a test of 20.00

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  • The Mexican peso rises for the fifth day in a row this Monday against the US dollar.
  • USD/MXN momentum favors the downside as it approaches the 20.00 zone.
  • The 20.25 zone now becomes resistance.

The USD/MXN it continued its decline on Monday and fell to 20.04, reaching the lowest level since April 5th. Bearish signals increased after the pair fell below the 20-day SMA and when Momentum turned further lower below 100. Another negative sign for the pair is the drop below a trend line. short-term bearish.

If the drop continues, it is likely that the USD/MXN challenge the zone of 20.00. The May low at 19.99 is strong support and a break lower could clear the way to 19.90, the next support.

Any bounce below 20.25 should be seen as a corrective move. While a recovery above 20.30 would nullify the current negative bias. Above the critical resistance awaits the level 20.45. A daily close above would be a positive development for the dollar, exposing the 20.70 level.

USD/MXN daily chart

Technical levels

USD/MXN

Panorama
Last Price Today 20.0484
Today’s Daily Change -0.0544
Today’s Daily Change % -0.27
Today’s Daily Opening 20.1028
Trends
20 Daily SMA 20.2395
50 Daily SMA 20.2775
100 Daily SMA 20.3943
200 Daily SMA 20.4447
levels
Previous Daily High 20.2725
Previous Daily Minimum 20.0781
Previous Maximum Weekly 20,475
Previous Weekly Minimum 20.0781
Monthly Prior Maximum 20.6382
Previous Monthly Minimum 19.7269
Daily Fibonacci 38.2% 20.1524
Daily Fibonacci 61.8% 20.1982
Daily Pivot Point S1 20.0298
Daily Pivot Point S2 19.9567
Daily Pivot Point S3 19.8354
Daily Pivot Point R1 20.2242
Daily Pivot Point R2 20.3455
Daily Pivot Point R3 20.4186

Source: Fx Street

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