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.

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



Today last price 20.1246
Today Daily Change 0.0006
Today Daily Change % 0.00
Today daily open 20.124
Daily SMA20 20.0088
Daily SMA50 19.9729
Daily SMA100 20.5202
Daily SMA200 21.4596
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



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