USD/MXN Price Analysis: At fresh eight-month lows, next target near 19.60

Mexican peso continues to rise at a modest pace versus the US dollar.
Next potential target in USD/MXN seen at 19.55/60.

Matías Salord FXStreet

The USD/MXN is trading at 19.72, after hitting at 19.69 the lowest level since March. A consolidation below the 19.70/75 area would open the doors to further losses. The next target is seen at 19.55/60; below the next strong barrier is the 19.30 area.

The main trend in USD/MXN is bearish. A correction would face initial resistance at 19.95/20.00. A recovery above 20.20 (horizontal resistance / 20-day moving average) would alleviate the bearish pressure.

On a wider perspective, the negative trend will remain in place as long as it holds below an eight-month downtrend line, today at the 21.30/35.

USD/MXN daily chart

USD/MXN

Overview
Today last price	19.7183
Today Daily Change	-0.1347
Today Daily Change %	-0.68
Today daily open	19.853

Trends
Daily SMA20	20.1509
Daily SMA50	20.816
Daily SMA100	21.3823
Daily SMA200	22.2064

Levels
Previous Daily High	19.979
Previous Daily Low	19.7422
Previous Weekly High	20.2172
Previous Weekly Low	19.7397
Previous Monthly High	21.9797
Previous Monthly Low	19.9377
Daily Fibonacci 38.2%	19.8886
Daily Fibonacci 61.8%	19.8327
Daily Pivot Point S1	19.7372
Daily Pivot Point S2	19.6213
Daily Pivot Point S3	19.5004
Daily Pivot Point R1	19.9739
Daily Pivot Point R2	20.0948
Daily Pivot Point R3	20.2107

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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