USD/MXN Price Analysis: Bias still points to the upside despite the recovery of the Mexican peso


  • 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

USD/MXN

Overview
Today last price 20.6568
Today Daily Change 0.0064
Today Daily Change % 0.03
Today daily open 20.6504
 
Trends
Daily SMA20 20.3179
Daily SMA50 20.0954
Daily SMA100 20.2878
Daily SMA200 21.1907
 
Levels
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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