USD/MXN drops again, Mexican peso keeps testing the 23.50 area


  • Mexican peso remains strong, one of the top performers over the last seven days.
  • USD/MXN heads for lowest close in a month, looking at 23.25/30.

The USD/MXN pair dropped to 23.44, hitting the lowest intraday level since April 15. It then quickly rose back above 23.50 and as of writing, trades at 23.55, down 3.50% from the level it had a week ago.

The Mexican peso continues to outperform and is the biggest gainer of the last seven days among the most traded currencies. The key driver has been the improvement in the market sentiment. Wall Street is posting mixed results on Tuesday but is more than 3% higher from seven days ago.

A slide of the US dollar also weakened the USD/MXN. Despite the rally of USD/JPY, the DXY drops 0.20%, off lows after bouncing from weekly lows. Economic data from the US released on Tuesday, together with Powell and Mnuchin’s testimony were mostly ignored by market participants.

Short-term levels

The USD/MXN bounced from the lows, finding resistance at 23.65. The bias will continue to point to the downside as long as it holds under 24.10/20. So far, the pair remains supported by the 23.50 area. A consolidation under 23.45 would clear the way toward 23.20.

 

USDMXN

USD/MXN

Overview
Today last price 23.6237
Today Daily Change -0.1332
Today Daily Change % -0.56
Today daily open 23.7569
 
Trends
Daily SMA20 24.2228
Daily SMA50 23.8559
Daily SMA100 21.3989
Daily SMA200 20.4014
 
Levels
Previous Daily High 24.0472
Previous Daily Low 23.4581
Previous Weekly High 24.4133
Previous Weekly Low 23.5513
Previous Monthly High 25.7809
Previous Monthly Low 23.2825
Daily Fibonacci 38.2% 23.6832
Daily Fibonacci 61.8% 23.8222
Daily Pivot Point S1 23.4609
Daily Pivot Point S2 23.165
Daily Pivot Point S3 22.8718
Daily Pivot Point R1 24.0501
Daily Pivot Point R2 24.3432
Daily Pivot Point R3 24.6392

 

 

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