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USD/MXN Price Analysis: Sideways around 16.75 ahead of US data.

  • USD/MXN consolidates ahead of US economic data release.
  • The seven day EMA looks like immediate resistance aligned with the 14 day EMA and the 23.6% Fibonacci.
  • The MACD indicates that the recent momentum is weaker.

USD/MXN is hovering around the 16.75 region during the European session on Thursday. The pair came under downward pressure from dovish data from Mexico and cautious sentiment over the US Federal Reserve’s (Fed) preferred inflation gauge, particularly the Personal Consumption Expenditure Price Index ( US Core PCE) for August.

The seven day EMA at 16.80 is shaping up to be the immediate barrier aligned with both the 14 day EMA and the 23.6% Fibonacci retracement at 16.87. A break above the latter could open the doors for the USD/MXN pair to explore the region around the 38.2% Fibonacci retracement at 16.97.

On the other hand, the pair could find key support at the lows around 16.69, followed by the July lows at 16.62. A break below that level could inspire bears in the pair to navigate the region around the psychological 16.50 level.

The 14-day Relative Strength Index (RSI) remains below 50, indicating a bearish trend in the USD/MXN pair. The MACD line remains below the center line and shows divergence below the signal line, indicating that the recent momentum is weaker.

In the short term, the underlying trend remains down as long as the USD/MXN pair sustains below the 50 day EMA at 17.07.

USD/MXN daily chart


USD/MXN additional technical levels

Last price today 16.7607
daily change today 0.0188
today’s daily variation 0.11
today’s daily opening 16.7419
daily SMA20 16.9965
daily SMA50 16.9766
daily SMA100 17.3237
daily SMA200 18.0877
previous daily high 16.8036
previous daily low 16.7269
Previous Weekly High 17.08
previous weekly low 16.7366
Previous Monthly High 17.3957
Previous monthly minimum 16.6258
Fibonacci daily 38.2 16.7562
Fibonacci 61.8% daily 16.7743
Daily Pivot Point S1 16.7114
Daily Pivot Point S2 16.6808
Daily Pivot Point S3 16.6347
Daily Pivot Point R1 16,788
Daily Pivot Point R2 16.8341
Daily Pivot Point R3 16.8646

Source: Fx Street

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