USD/MXN Price Analysis: At monthly highs, 21.00 on the radar

USD/MXN holds bullish bias, approaching testing resistance zone 20.85/90.
Risk aversion weighs on the Mexican peso and other emerging market currencies.
Slide under 20.60 needed to alleviate bullish pressure.

Matías Salord FXStreet

The USD/MXN is on its way to the highest weekly close since December. After rising back above 20.70, the dollar gained momentum and currently is testing the 20.85 resistance area. A break higher, if sustained above 20.90, could lead to a test of the following strong barrier seen at 21.05.

The 100-week moving average is seen at 20.92. A close clearly above would be a positive sign for the US dollar, for a potential extension to 21.35.

The RSI and momentum in the daily chart are pointing north, still not at extreme overbought levels. No signs of a correction are seen at the moment. If the USD/MXN fails to break above 20.85/90, the Mexican peso could experience a brief rally. Only below 20.60, the pressure is expected to ease.

The outlook favors more gains in USD/MXN, particularly with a close above 20.80. The risk aversion environment, which translates into a stronger dollar, also favors the upside from a fundamental perspective.

USD/MXN daily chart

USD/MXN

Overview
Today last price	20.8313
Today Daily Change	0.1749
Today Daily Change %	0.85
Today daily open	20.6564

Trends
Daily SMA20	20.4666
Daily SMA50	20.5042
Daily SMA100	20.6482
Daily SMA200	20.3683

Levels
Previous Daily High	20.7562
Previous Daily Low	20.6017
Previous Weekly High	20.786
Previous Weekly Low	20.1571
Previous Monthly High	20.7904
Previous Monthly Low	20.1571
Daily Fibonacci 38.2%	20.6972
Daily Fibonacci 61.8%	20.6607
Daily Pivot Point S1	20.5867
Daily Pivot Point S2	20.517
Daily Pivot Point S3	20.4322
Daily Pivot Point R1	20.7412
Daily Pivot Point R2	20.8259
Daily Pivot Point R3	20.8957

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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