USD/MXN Price Analysis: Strong Dollar Reversal, Rising Towards 19.50

- Advertisement -
  • The Mexican peso is among the worst performers on Wednesday.
  • USD/MXN reverses sharply towards the 20-day SMA.
  • Volatility will remain elevated amid market events and current price levels.

The USD/MXN rose sharply on Wednesday, posting the biggest daily gain in months after posting the lowest daily close since February 2020 on Tuesday. The dollar strengthens ahead of Federal Reserve Chairman Jerome Powell’s speech, while the Mexican peso is the worst among the most traded currencies in the world.

On Tuesday, the USD/MXN bottomed at 19.03 and then started to rise. After a correction during the Asian session, the pair resumed its gains at an even faster pace. It reached a maximum at 19.45 and keeps the bullish tone intact.

- Advertisement -

The sharp reversal sent the dollar to the 20-Day Simple Moving Average of 19.43. A consolidation above would likely open the door for a test of the next resistance zone at 19.60. Although at 19.52 intermediate resistance is seen.

The technical outlook has deteriorated significantly for the Mexican peso. Technical indicators such as Momentum and RSI are headed north for now, favoring further gains. A pullback below 19.25/30 could change the picture exposing the 19.00/05 support zone again.

USDMXN daily chart

- Advertisement -



Last price today 19.3676
today’s daily change 0.1333
Today’s daily change in % 0.69
today’s daily opening 19.2343
daily SMA20 19.4366
daily SMA50 19.7895
daily SMA100 19.9919
daily SMA200 20.0982
previous daily high 19.3235
previous daily low 19.0402
Previous Weekly High 19.5924
previous weekly low 19.3054
Previous Monthly High 20,177
Previous monthly minimum 19,785
Daily Fibonacci of 38.2% 19.1484
Daily Fibonacci of 61.8% 19.2153
Daily Pivot Point S1 19.0752
Daily Pivot Point S2 18,916
Daily Pivot Point S3 18.7918
Daily Pivot Point R1 19.3585
Daily Pivot Point R2 19.4827
Daily Pivot Point R3 19.6418

Source: Fx Street

- Advertisement -


Please enter your comment!
Please enter your name here

Hot Topics

Related Articles