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USD/MXN Price Analysis: Mexican peso loses momentum after finding support at 18.80

  • USD/MXN with bullish intraday bias, bearish in the long term.
  • Correction from levels above 19.00, finds support in the 18.80 zone.
  • USD trades mixed and gains momentum after US data.

The USD/MXN It rises on Tuesday, following a two-day correction of the rally from multi-year lows near 18.55 (Jan 18) to 19.11 (Jan 19). The decline found support around the 18.80 zone and bounced towards 18.90.

The pair is trading at daily highs of 18.88 following the release of the US S&P Global PMI report, which beat expectations, boosting the US dollar overall, in an environment of rising US yields. Treasury bond. At the same time, emerging market currencies such as the Mexican Peso lost strength due to deteriorating market sentiment and falling commodity prices.

The Mexican peso needs to break and hold below 18.80 to regain strength. Next support lies at 18.65, followed by the recent low near 18.55.

The daily chart shows that the main trend is down, but technical indicators are modestly biased to the upside in the near term, suggesting some consolidation ahead, which could occur between 18.80 and 19.00, or with an upper bound at 19.11, a horizontal level and the 20-day simple moving average. A break above would strengthen the US dollar.

USD/MXN daily chart

USDMXN

USD/MXN

Overview
Last price today 18.8846
daily change today 0.0601
today’s daily variation 0.32
today’s daily opening 18.8245
Trends
daily SMA20 19.1204
daily SMA50 19.36
daily SMA100 19.6418
daily SMA200 19.9056
levels
previous daily high 18.9198
previous daily low 18.7919
Previous Weekly High 19.11
previous weekly low 18.5663
Previous Monthly High 19.9181
Previous monthly minimum 19.1084
Fibonacci daily 38.2 18.8408
Fibonacci 61.8% daily 18.8709
Daily Pivot Point S1 18,771
Daily Pivot Point S2 18.7174
Daily Pivot Point S3 18,643
Daily Pivot Point R1 18.8989
Daily Pivot Point R2 18.9734
Daily Pivot Point R3 19.0269

Source: Fx Street

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