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

usdmxn

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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD pares weekly losses near 1.1150, German GDP, US inflation eyed

EUR/USD licks its wounds at the lowest levels in 20 months, recently easing from intraday high. Markets remain lackluster amid mixed concerns over Russia-Ukraine and softer start to Friday. ECB’s Kazimir expects near-term increase in inflation, improvement in German Consumer Confidence teases ECB hawks ahead of key GDP.

EUR/USD News

GBP/USD bounces off 11-week-old support but not out of the woods

GBP/USD fades the corrective pullback from a horizontal area established since early November, retreating to 1.3380 amid Friday’s Asian session. The cable pair dropped during the last two trading sessions before the bears took a breather around the five-week low of 1.3357.

GBP/USD News

Gold rebounds ahead of US PCE inflation, not out of the woods yet Premium

Gold price attempts a bounce as the US dollar retreats ahead of US PCE inflation. After Wednesday’s $40 sell-off, gold price tumbled another $23 on Thursday, as bulls finally surrendered the $1,800 area to hit the lowest level in two weeks at $1,792. 

Gold News

Why Bitcoin has entered a new bear market

Bitcoin price has tumbled to a multi-month low below $33,000, as the leading cryptocurrency loses 50% of its value from its all-time high in November 2021. This marks the second-worst sell-off since the bear market that spanned from 2018 to 2020. 

Read more

Apple (AAPL) Earnings for Q1 beats estimates on EPS and revenue

Apple (AAPL) reported earnings after the close on Thursday. Earnings per share (EPS) came in at $2.10 versus the estimate of $1.89. Revenue was $123.9 billion versus the estimate for $118.66 billion. AAPL is trading at $162.40 in Thursday's aftermarket, a change of 2% versus the regular session close of $159.16.

Read more

Forex MAJORS

Cryptocurrencies

Signatures