USD/MXN firm above 23.00, at the highest level in a month

Mexican peso remains under pressure versus the US dollar despite higher equity prices in Wall Street.
USD/MXN heads for highest daily close since May 25.

Matías Salord FXStreet

The USD/MXN is rising for the second day in a row, holding firm above 23.00. The pair reached at 23.19, the highest level in a month. Over the last hours it has been hovering around 23.10, consolidating modest daily gains.

The greenback posted mixed results across the board. Not even emerging market currencies showed a clear direction on Monday, unable to benefit from a rebound in equity prices. Still risk aversion is expected to play a key role in USD/MXN.

USD/MXN bullish outlook

The upsides bias in USD/MXN remains intact. It is testing the 55-day moving average and a horizontal resistance around 23.15/20. Above, the next level target might be seen at 23.50/55.

The bullish outlook in USD/MXN would be negated with a decline under 22.30, the 20-day moving average, a horizontal support and also the area of an uptrend line. A slide under 22.30 could suggest an interim top has been established. Before the mentioned level, support might be seen at 22.90 and 22.60.

USD/MXN

Overview
Today last price	23.123
Today Daily Change	0.0647
Today Daily Change %	0.28
Today daily open	23.0583

Trends
Daily SMA20	22.255
Daily SMA50	23.1497
Daily SMA100	22.4395
Daily SMA200	20.7901

Levels
Previous Daily High	23.0771
Previous Daily Low	22.647
Previous Weekly High	23.0771
Previous Weekly Low	22.2853
Previous Monthly High	24.8895
Previous Monthly Low	22.0047
Daily Fibonacci 38.2%	22.9128
Daily Fibonacci 61.8%	22.8113
Daily Pivot Point S1	22.7778
Daily Pivot Point S2	22.4974
Daily Pivot Point S3	22.3478
Daily Pivot Point R1	23.2079
Daily Pivot Point R2	23.3575
Daily Pivot Point R3	23.638

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.

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