USD/MXN Price Analysis: Above the 200-day, testing 20.20

USD/MXN hits 20.20 for the first time in a month.
Pair moving with a bullish bias, at the 200-day simple moving average.

Matías Salord FXStreet

The deterioration in market sentiment weakened the demand for emerging market currencies, among which is the Mexican peso that lost ground at a slower pace. The USD/MXN peaked at 20.20 on European hours, reaching the highest level in a month. It then pulled back to 20.10.

The pair is approaching the 20.20 area again. A consolidation above would point to additional gains, with the next strong resistance seen at 20.30/35. Technical indicators, favor the upside. The daily RSI is moving north, still far from overbought territory, Momentum is above 100 and price is holding well above the 20 and 55-day moving average. Thursday’s up move pushed the price above the 200-day moving average.

A retreat from the current level should find support around 19.97/20.00. If USD/MXN drops below, the bullish bias would be negated. The next support stands at 19.85. A daily close under 19.80, should point to more gain for the Mexican peso

USD/MXN daily chart

USD/MXN

Overview
Today last price	20.1614
Today Daily Change	0.1186
Today Daily Change %	0.59
Today daily open	20.0428

Trends
Daily SMA20	19.9733
Daily SMA50	20.0065
Daily SMA100	20.0024
Daily SMA200	20.1176

Levels
Previous Daily High	20.0453
Previous Daily Low	19.9468
Previous Weekly High	20.1682
Previous Weekly Low	19.839
Previous Monthly High	20.2515
Previous Monthly Low	19.7458
Daily Fibonacci 38.2%	20.0077
Daily Fibonacci 61.8%	19.9844
Daily Pivot Point S1	19.978
Daily Pivot Point S2	19.9131
Daily Pivot Point S3	19.8795
Daily Pivot Point R1	20.0765
Daily Pivot Point R2	20.1101
Daily Pivot Point R3	20.175

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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