USD/MXN Price Analysis: Back above 20.00, losing momentum

USD/MXN rises for the third consecutive day, again above 20.00.
The dollar needs to hold above 20.00, next resistance at 20.15/20.
Slide under 19.90 to remove bullish bias.

Matías Salord FXStreet

The USD/MXN is rising for the third consecutive day, although so far, it has failed to print fresh weekly highs. The upside remains capped below 20.10. The next critical resistance is seen around 20.15/20, an area that contains horizontal resistances and also the 100-day Simple Moving Average.

A firm break above 20.25 would open the doors to more gains targeting the 20.50 area.

In the very short term, the bias is to the upside, with technical indicators flat to bullish. The momentum is not strong enough and appears to be fading. The bias will weaken with a decline back under 20.00. While a daily close well above 20.00 would be a positive sign for the bulls.

A key support emerges at 19.90 that if fails to hold, USD/MXN could drop further to test again the 19.80 area.

USD/MXN Daily chart

USD/MXN

Overview
Today last price	20.0397
Today Daily Change	0.0629
Today Daily Change %	0.31
Today daily open	19.9768

Trends
Daily SMA20	20.2785
Daily SMA50	20.3164
Daily SMA100	20.154
Daily SMA200	20.4165

Levels
Previous Daily High	20.0921
Previous Daily Low	19.8189
Previous Weekly High	20.4435
Previous Weekly Low	19.8104
Previous Monthly High	21.0539
Previous Monthly Low	20.0921
Daily Fibonacci 38.2%	19.9878
Daily Fibonacci 61.8%	19.9233
Daily Pivot Point S1	19.8331
Daily Pivot Point S2	19.6894
Daily Pivot Point S3	19.5599
Daily Pivot Point R1	20.1063
Daily Pivot Point R2	20.2358
Daily Pivot Point R3	20.3795

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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