USD/MXN Price Analysis: Mexican Peso Hits New Multi-Year Highs and Starts Targeting 18.50

- Article Top Advertisement -
  • The dollar extends its slide against emerging market currencies.
  • The Mexican peso is at the highest level since February 2020.
  • USD/MXN remains under pressure below 18.90, despite oversold readings.

USD/MXN falls for the seventh time in the last eight trading days and is trading at the lowest level since February 2020, below 19.00. The pair bottomed at 18.81, before bouncing modestly.

The weakness of the US dollar pushed USD/MXN further lower. Technical factors also had a downward influence. The pair managed to consolidate below the strong support (now resistance) at 19.00/05.

- Article Inline Advertisement 1-

Technical indicators, such as the RSI below 30, indicate an oversold situation. Despite this, signs point to further losses. The next support zone lies at 18.75 and then comes the 2020 low near 18.50. A bounce, albeit contained below 19.15, should not change the current USD/MXN downtrend.

USD/MXN daily chart


USD/MXN technical levels

Last price today 18.8714
daily change today -0.0688
today’s daily variation -0.36
today’s daily opening 18.9402
daily SMA20 19.4403
daily SMA50 19.4655
daily SMA100 19.7392
daily SMA200 19.9496
previous daily high 19.1136
previous daily low 18.9154
Previous Weekly High 19.5361
previous weekly low 19.1202
Previous Monthly High 19.9181
Previous monthly minimum 19.1084
Fibonacci daily 38.2 18.9911
Fibonacci 61.8% daily 19.0379
Daily Pivot Point S1 18.8658
Daily Pivot Point S2 18.7915
Daily Pivot Point S3 18.6677
Daily Pivot Point R1 19,064
Daily Pivot Point R2 19.1879
Daily Pivot Point R3 19.2622
- Advertisement -

Source: Fx Street

- Article Bottom Advertisement -


Please enter your comment!
Please enter your name here

Hot Topics

Related Articles