- USD/MXN fails to break the critical resistance at 20.25.
- Below 20.00, the next strong support is found at 19.80.
The USD/MXN is falling sharply on Friday, amid a broad decline in the US dollar. The pair’s decline comes after failing to break a key resistance zone around 20.25.
For now, USD/MXN has bottomed out at 19.92 and is about to test short-term support at 19.90. Technical indicators favor the downside, with the RSI turning lower, as well as Momentum, which remains above 100. The price is back below the 20-day simple moving average.
Since mid-August, the pair has been moving sideways in a range between 19.80 and 20.25. If the 19.80 area is reached, a bounce is likely. A break lower would target the next support around 19.65.
The 20.25 area has become a critical point for the rally. A break above should clear the way for more gains, targeting the 20.45 area initially.
USD/MXN daily chart
Technical levels
USD/MXN
Panorama | |
---|---|
Last Price Today | 19.9757 |
Today’s Daily Change | -0.2052 |
Today’s Daily Change % | -1.02 |
Today’s Daily Opening | 20.1809 |
Trends | |
---|---|
20 Daily SMA | 20.0589 |
50 Daily SMA | 20.2878 |
100 Daily SMA | 20.1676 |
200 Daily SMA | 20.37 |
levels | |
---|---|
Previous Daily High | 20.2946 |
Previous Daily Minimum | 20,128 |
Previous Maximum Weekly | 20.2483 |
Previous Weekly Minimum | 19.8495 |
Monthly Prior Maximum | 20.8261 |
Previous Monthly Minimum | 19.8019 |
Daily Fibonacci 38.2% | 20.2309 |
Daily Fibonacci 61.8% | 20.1916 |
Daily Pivot Point S1 | 20.1077 |
Daily Pivot Point S2 | 20.0346 |
Daily Pivot Point S3 | 19.9412 |
Daily Pivot Point R1 | 20.2743 |
Daily Pivot Point R2 | 20.3677 |
Daily Pivot Point R3 | 20.4409 |
Source: Fx Street
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