- Mexican peso rises versus US dollar on Thursday, boosted by a recovery in Wall Street.
- USD/MXN bias remains bullish; consolidation persists in the short term.
The USD/MXN is trading around 20.80, as it continues to move sideways in the short-term, with a bullish bias. The pair again failed to break above 21.00 and pulled back. The 21.00 mark is a critical resistance, and a consolidation above 21.10 would target the 21.50 level.
The outlook is USD/MXN still favors the upside. It needs to break above 21.00 to open the doors to more gains. The strong immediate support stands at 20.50; a decline below would lead to an extension of the correction.
The critical support for the upside bias is seen at 20.12/18, the convergence of an uptrend line, horizontal support and the 55-day simple moving average. The mentioned average just crossed the 100-day moving average, a bullish sign.
USD/MXN daily chart
|Today last price||20.8152|
|Today Daily Change||-0.1296|
|Today Daily Change %||-0.62|
|Today daily open||20.9448|
|Previous Daily High||20.9994|
|Previous Daily Low||20.5519|
|Previous Weekly High||21.0483|
|Previous Weekly Low||20.3502|
|Previous Monthly High||21.0483|
|Previous Monthly Low||19.8822|
|Daily Fibonacci 38.2%||20.8285|
|Daily Fibonacci 61.8%||20.7229|
|Daily Pivot Point S1||20.6646|
|Daily Pivot Point S2||20.3845|
|Daily Pivot Point S3||20.2171|
|Daily Pivot Point R1||21.1122|
|Daily Pivot Point R2||21.2796|
|Daily Pivot Point R3||21.5597|
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