USD/MXN Price Analysis: Bullish momentum fades, critical support around 19.95

USD/MXN fails to break medium-term trendline, retreats toward 20.00
Risk appetite supports Mexican peso, Banxico meeting on Thursday.

Matías Salord FXStreet

The USD/MXN is trading modestly higher on Monday, after falling sharply on Friday on the back of a general decline of the US dollar and supported by risk appetite across financial markets. What happens in Wall Street continues to be important for the cross. On Thursday the Bank of Mexico meets, a rate cut is expected.

Last week, USD/MXN failed to hold above 20.40 and pulled back. The bullish momentum eased favoring a downside correction. The pair is holding above the 19.95/20.00 area, which is a critical support, where the 20 and 55-day moving averages converge, and a horizontal and a psychological support. A close clearly below 19.95 would weaken the outlook for the dollar.

At the moment, USD/MXN is consolidating above the 20.00 area, showing a modest upside bias, but in order to clear the way to more gains, it needs to make a firm break above 20.40, targeting 20.60. Above the next strong resistance stands at 20.80.

USD/MXN daily chart

USD/MXN

Overview
Today last price	20.1246
Today Daily Change	0.0006
Today Daily Change %	0.00
Today daily open	20.124

Trends
Daily SMA20	20.0088
Daily SMA50	19.9729
Daily SMA100	20.5202
Daily SMA200	21.4596

Levels
Previous Daily High	20.4237
Previous Daily Low	20.0824
Previous Weekly High	20.593
Previous Weekly Low	20.0739
Previous Monthly High	20.551
Previous Monthly Low	19.5491
Daily Fibonacci 38.2%	20.2128
Daily Fibonacci 61.8%	20.2933
Daily Pivot Point S1	19.9964
Daily Pivot Point S2	19.8688
Daily Pivot Point S3	19.6551
Daily Pivot Point R1	20.3376
Daily Pivot Point R2	20.5513
Daily Pivot Point R3	20.6789

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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