USD/MXN heads for highest close in a month around 19.35

US dollar rises against Latin American currencies, including the Mexican peso.
USD/MXN points to the upside but needs to hold on top of 19.35.

Matías Salord FXStreet

The USD/MXN pair is rising for the second day in a row. It peaked at 19.40 and then pulled back to the 19.35 area. The Mexican peso failed to hold to gains after being affected by the reversal in Wall Street.

Equity prices in the US opened in the positive ground but turned to the downside, ending the session in negative. The risk aversion tone weighed on the Mexican peso that it was likely also impacted by the decline in Latin American currencies. The debate on the trade agreement between the US, Canada and Mexico is expected to happen soon at the House of Representatives and it is a risk event for the MXN.

Technical outlook

The pair is about to post a daily close on top of a downtrend line that should signal more strength ahead but at the same time, it was unable to hold clearly on top of 19.35. If it manages to rise and hold above, it will target the 19.45/50 zone.

On the downside, a decline below 19.30 should suggest the US dollar is not ready to resume the rally. Below, the next support is seen at 19.20 that protects the critical support zone of 19.00/05.

USD/MXN

Overview
Today last price	19.3608
Today Daily Change	0.0418
Today Daily Change %	0.22
Today daily open	19.319

Trends
Daily SMA20	19.1758
Daily SMA50	19.3507
Daily SMA100	19.3873
Daily SMA200	19.2688

Levels
Previous Daily High	19.3301
Previous Daily Low	19.1757
Previous Weekly High	19.5296
Previous Weekly Low	19.0846
Previous Monthly High	19.8623
Previous Monthly Low	19.0176
Daily Fibonacci 38.2%	19.2711
Daily Fibonacci 61.8%	19.2347
Daily Pivot Point S1	19.2198
Daily Pivot Point S2	19.1205
Daily Pivot Point S3	19.0654
Daily Pivot Point R1	19.3742
Daily Pivot Point R2	19.4294
Daily Pivot Point R3	19.5286

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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