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USD/MXN Price Analysis: Testing the 20.17 level while closely watching the critical 20.25 level

  • USD/MXN is back above 20.00 as the dollar strengthens against emerging market currencies.
  • The pair reaches the 100-day SMA and pulls back.
  • Daily close above 20.25 points to more gains.

The USD/MXN rose for the second day in a row on Tuesday, buoyed by a stronger dollar and extending a bounce after approaching 19.90. The pair reached a high of 20.17, after the release of US economic data, matching the 100-day Simple Moving Average (SMA).

Immediate resistance is at 20.17; above, USD/MXN could rise to test 20.25. A breakout to the upside would change the short-term bias to neutral/bullish. A daily close above 20.25 would mean a positive evolution of the dollar, with the objective of reaching the 20.45 zone.

Since mid-August, the USD/MXN has been moving sideways in a range between 19.80 and 20.25. An interim support area is seen at 19.90. A firm break below 19.80 would further weaken the dollar, exposing it to 19.72.

USD/MXN daily chart

Technical levels

USD/MXN

Panorama
Last Price Today 20,177
Today’s Daily Change 0.1753
Today’s Daily Change % 0.88
Today’s Daily Opening 20,0017
Trends
20 Daily SMA 20.0244
50 Daily SMA 20.2911
100 Daily SMA 20.1694
200 Daily SMA 20.3516
levels
Previous Daily High 20.0295
Previous Daily Minimum 19.9447
Previous Maximum Weekly 20.2946
Previous Weekly Minimum 19.9114
Monthly Prior Maximum 20.8261
Previous Monthly Minimum 19.8019
Daily Fibonacci 38.2% 19.9971
Daily Fibonacci 61.8% 19.9771
Daily Pivot Point S1 19.9544
Daily Pivot Point S2 19.9072
Daily Pivot Point S3 19.8696
Daily Pivot Point R1 20.0392
Daily Pivot Point R2 20.0768
Daily Pivot Point R3 20.1241

Source: Fx Street

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