USD/MXN Price Analysis: Back to 21.00, looking for a slide to test September lows

Mexican peso continues to move with a bullish bias versus the US dollar.
USD/MXN dropped momentarily below 21.00, the next obstacle emerges at the 20.85 zone.

Matías Salord FXStreet

The USD/MXN is falling for the third consecutive day on Thursday, still at a gradual pace. Recently it printed a fresh monthly low at 20.97 and it is hovering around 21.00.

A consolidation below 21.00 should open the doors to more losses and to a test of the September lows around 20.85. Below there is not much support until 20.25. Technical indicators favor the downside.

The bearish momentum in USD/MXN would ease with a recovery above 21.20 but only if it holds above 21.40, it could suggest an interim bottom. The negative outlook for the dollar would be negated with a break above 22.50.

USD/MXN daily chart

USD/MXN

Overview
Today last price	20.9871
Today Daily Change	-0.1208
Today Daily Change %	-0.57
Today daily open	21.1079

Trends
Daily SMA20	21.5885
Daily SMA50	21.6581
Daily SMA100	22.0338
Daily SMA200	21.9326

Levels
Previous Daily High	21.1348
Previous Daily Low	20.9881
Previous Weekly High	21.5286
Previous Weekly Low	21.0886
Previous Monthly High	22.7008
Previous Monthly Low	20.8444
Daily Fibonacci 38.2%	21.0441
Daily Fibonacci 61.8%	21.0787
Daily Pivot Point S1	21.0191
Daily Pivot Point S2	20.9303
Daily Pivot Point S3	20.8724
Daily Pivot Point R1	21.1657
Daily Pivot Point R2	21.2236
Daily Pivot Point R3	21.3124

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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