- Improvement in risk sentiment helps emerging-market assets, including MXN.
- Bias in USD/MXN points to the upside, faces resistance at 21.00.
The USD/MXN is trading around 20.65, moving sideways in the short-term. The improvement in risk sentiment kept the upside limited on Tuesday. At the same time, a precaution tone is still.
The main short-term outlook is USD/MXN still favors the upside. The key resistance stands at 20.75 that protects the key 21.00 level. A daily close above 21.00 would open the doors to more gains.
While above the 20.30/35 support, the momentum will continue to favor the upside. A break lower would point to further strength in the Mexican peso that should lead to a test of the 20.00/19.90 area.
The outlook continues to favor the US dollar that is facing resistance at 21.00. Higher equity prices in Wall Street should keep the USD/MXN away from 21.00. If stocks start to decline again, then a rally above 21.00 looks likely.
USD/MXN daily chart
|Today last price||20.6568|
|Today Daily Change||0.0064|
|Today Daily Change %||0.03|
|Today daily open||20.6504|
|Previous Daily High||20.877|
|Previous Daily Low||20.5775|
|Previous Weekly High||21.0483|
|Previous Weekly Low||20.3502|
|Previous Monthly High||21.0483|
|Previous Monthly Low||19.8822|
|Daily Fibonacci 38.2%||20.6919|
|Daily Fibonacci 61.8%||20.7626|
|Daily Pivot Point S1||20.5262|
|Daily Pivot Point S2||20.4021|
|Daily Pivot Point S3||20.2268|
|Daily Pivot Point R1||20.8257|
|Daily Pivot Point R2||21.0011|
|Daily Pivot Point R3||21.1252|
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