USD/MXN back above 24.00, up 10% over the week

Mexican peso and Russian ruble, the worst performers of the week.
USD/MXN drops to 23.50 on Friday but rebounds back above 24.00.

Matías Salord FXStreet

The USD/MXN is about to end the week with a 10% gain. On another volatile week for markets that remain on panic mode amid the coronavirus pandemic.

The Mexican peso attempted a correction on Friday but it failed to recover ground and during the American session weakened again. The USD/MXN found support at 23.50 and the started to consolidate between the low and 24.00.

After the White House announced US borders with Mexico and Canada would be closed to nonessential travel this weekend, the pair broke to the upside, hitting a fresh daily high at 24.39. As of writing, it was trading at 24.15, about to post the highest weekly close on record. A month ago, USD/MXN was trading at the lowest levels in almost two years.

The crash in financial markets boosted the greenback while the Mexican peso suffered most, amid the dramatic decline in crude oil prices and growth expectations.

Technical levels

USD/MXN

Overview
Today last price	24.0977
Today Daily Change	0.0565
Today Daily Change %	0.24
Today daily open	24.0412

Trends
Daily SMA20	20.7061
Daily SMA50	19.514
Daily SMA100	19.3378
Daily SMA200	19.3585

Levels
Previous Daily High	24.6528
Previous Daily Low	23.6014
Previous Weekly High	22.9881
Previous Weekly Low	20.3001
Previous Monthly High	19.895
Previous Monthly Low	18.5151
Daily Fibonacci 38.2%	24.2512
Daily Fibonacci 61.8%	24.0031
Daily Pivot Point S1	23.5441
Daily Pivot Point S2	23.0471
Daily Pivot Point S3	22.4927
Daily Pivot Point R1	24.5956
Daily Pivot Point R2	25.1499
Daily Pivot Point R3	25.647

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.