USD/MXN rises and moves away from 20.30, the dollar gains momentum

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  • Mexican peso loses strength against the dollar, and moves away from maximum in months.
  • USD/MXN with support at 20.30, still with a bearish bias, but short-term signs against it.

USD/MXN is rising for the second day in a row on Wednesday, as the Mexican peso loses strength and a mixed dollar in the market. The pair trades at 20.41, far from the 20.30 zone, which is the key support that remained in place.

After marking lows in almost three months on Tuesday at 20.26, USD/MXN started a rebound that reached 20.44. On Wednesday the pair traded at 20.32 before turning higher again.

In the very short term, USD/MXN is moving with a bullish bias, with technical indicators pointing higher. The dominant trend remains down, but the Mexican peso needs to break and confirm below 20.30 to enable further gains. Below supports are seen at 20.15 and 20.00/05.

To the current bull run, faces a first resistance at 20.45, a horizontal level and where the 20-day moving average is. Then 20.55 appears, protecting the most important zone of 20.70.

The dollar is with mixed results on Wednesday. Partly weakened by the rebound in equity markets and the rise in commodities, but Treasury yields, at the highest in years, remain a significant support.

Technical levels

USD/MXN

Overview

Today last price20.4237

Today Daily Change0.0147

Today Daily Change %0.07

Today daily open20.409

Trends

Daily SMA2020.4934

Daily SMA5020.8222

Daily SMA10020.5547

Daily SMA20020.28

Levels

Previous Daily High20.4496

Previous Daily Low20.2736

Previous Weekly High20.524

Previous Weekly Low20.2809

Previous Monthly High21.5164

Previous Monthly Low20.3261

Daily Fibonacci 38.2%20.3823

Daily Fibonacci 61.8%20.3408

Daily Pivot Point S120.3052

Daily Pivot Point S220.2014

Daily Pivot Point S320.1292

Daily Pivot Point R120.4811

Daily Pivot Point R220.5533

Daily Pivot Point R320.6571

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