USD/MXN Price Analysis: Bearish momentum intact as it keeps testing 20.95/21.00

Mexican peso holds positive bias versus the US dollar.
USD/MXN hits target at 21.00 after breaking 21.50, now looks for 20.95.

Matías Salord FXStreet

The USD/MXN continues to move to the downside and fell to 20.91, reaching the lowest since March. It has been falling constantly since the beginning of August, accelerating after breaking 21.50.

Currently, the pair is testing the 20.95/21.00 support band. A consolidation below could clear the way to more losses with the next support seen at 20.65 and 20.50.

On the upside, immediate resistance in USD/MXN is seen at 21.15, followed then by the strong 21.50. The negative bias will remain in place as long as it holds below the downtrend line, today at 21.75.

USD/MXN daily chart

USD/MXN

Overview
Today last price	20.9971
Today Daily Change	0.0513
Today Daily Change %	0.24
Today daily open	20.9458

Trends
Daily SMA20	21.6531
Daily SMA50	22.0636
Daily SMA100	22.4667
Daily SMA200	21.6001

Levels
Previous Daily High	21.1722
Previous Daily Low	20.9212
Previous Weekly High	21.9434
Previous Weekly Low	21.207
Previous Monthly High	22.9106
Previous Monthly Low	21.7322
Daily Fibonacci 38.2%	21.0171
Daily Fibonacci 61.8%	21.0763
Daily Pivot Point S1	20.8539
Daily Pivot Point S2	20.762
Daily Pivot Point S3	20.6028
Daily Pivot Point R1	21.105
Daily Pivot Point R2	21.2642
Daily Pivot Point R3	21.3561

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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