- USD/MXN rises for the third consecutive day amid global growth concerns.
- Rally faces strong resistance near 20.20, reinforced by the 100-day SMA.
- Next upside target at 20.45.
Emerging market currencies are under pressure, affected by higher interest rates. The Mexican peso was among the top performers last week, after Banxico’s 75 bps rate hike.
The USD/MXN is rising for the third consecutive day and is facing a resistance at the 20.20 area that also contains the 100-day Simple Moving Average. A firm break above should open the doors to 20.45, the next relevant resistance.
Technical indicators offer no clear signs at the moment. RSI and Momentum are flat. Some consolidation between 20.20 and 20.00 seems likely before the next directional move.
A decline back to 20.00 should be seen as a normal correction after the rally from 19.80 to 20.20. If USD/MXN drops under 20.00, the Mexican peso should strengthen favoring an extension toward the weekly low at 19.81. The key support below is the 19.70 area that if reached, could likely trigger a rebound.
USD/MXN daily chart
USD/MXN
Panorama | |
---|---|
Last Price Today | 20.17 |
Today’s Daily Change | 0.0330 |
Today’s Daily Change % | 0.16 |
Today’s Daily Opening | 20,137 |
Trends | |
---|---|
20 Daily SMA | 19.9822 |
50 Daily SMA | 20.0499 |
100 Daily SMA | 20.1982 |
200 Daily SMA | 20.4259 |
levels | |
---|---|
Previous Daily High | 20.1666 |
Previous Daily Minimum | 19,865 |
Previous Maximum Weekly | 20.3786 |
Previous Weekly Minimum | 19,826 |
Monthly Prior Maximum | 20.5113 |
Previous Monthly Minimum | 19.4131 |
Daily Fibonacci 38.2% | 20.0514 |
Daily Fibonacci 61.8% | 19.9802 |
Daily Pivot Point S1 | 19.9458 |
Daily Pivot Point S2 | 19.7546 |
Daily Pivot Point S3 | 19.6441 |
Daily Pivot Point R1 | 20.2474 |
Daily Pivot Point R2 | 20.3579 |
Daily Pivot Point R3 | 20.5491 |
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.