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USD/MXN retreats after approaching 20.20

  • Mexican peso recovers ground after Tuesday’s fall.
  • USD/MXN remains sideways, unable to break 20.20.
  • The dollar continues to be supported by a cautious climate in the markets.

USD/MXN is trading just below 20.10 on Wednesday, having reached a daily high of 20.18. The setback occurs due to a rebound in shares on Wall Street, but the climate of caution still prevails, which limits the Mexican peso.

USD/MXN gains face a major resistance between 20.17, where the 100 day moving average is, and 20.25. A close above this latest level would clear the way for further rally with a possible target around 20.45.

For days the pair has been moving laterally, without a clear direction. Initial support is at 19.90, followed by the range floor at 19.80. The break of this last level would first expose 19.70 and then 19.55 follows.

The USD/MXN sideways tone remains despite the declines in equity markets and the rise in Treasury bond yields. Also despite the dollar strength. The Dollar Index (DXY) is at a decade high. These days the greenback rises faster and firmer against the currencies of developed countries than against emerging ones.

Technical levels

USD/MXN

Panorama
Last Price Today 20.1011
Today’s Daily Change -0.0288
Today’s Daily Change % -0.14
Today’s Daily Opening 20.1299
Trends
20 Daily SMA 20,019
50 Daily SMA 20.2909
100 Daily SMA 20.1704
200 Daily SMA 20,345
levels
Previous Daily High 20.1796
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% 20.0899
Daily Fibonacci 61.8% 20.0344
Daily Pivot Point S1 19.9898
Daily Pivot Point S2 19.8498
Daily Pivot Point S3 19.7549
Daily Pivot Point R1 20.2248
Daily Pivot Point R2 20.3196
Daily Pivot Point R3 20.4597

Source: Fx Street

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