- Mexican peso for the third consecutive day versus the US dollar, off monthly highs.
- USD/MXN starting to look overbought in the very short-term but bullish on the daily chart.
The USD/MXN continues to move higher. It resumed the upside after making a pullback to the 21.30 area. It is trading above 21.60 at the highest in two weeks. While the 4-hour chart is starting to show technical indicators at overbought levels (not yet signs of a correction or consolidation) the daily chart is looking more bullish every session.
If the upside continues, USD/MXN will face a strong resistance area between 21.70 and 21.90, where the 20-day moving average is seen, and also a horizontal resistance and downtrend lines. A consolidation above 22.00 would clear the way to more gains. The 50-SMA at 21.98 is a potential target of the current rally.
A failure at current levels should alleviate the bullish pressure of the pair. While a decline back below 21.30 would be a positive development for the Mexican peso.
USD/MXN daily chart
|Today last price||21.5848|
|Today Daily Change||0.2355|
|Today Daily Change %||1.10|
|Today daily open||21.3493|
|Previous Daily High||21.591|
|Previous Daily Low||21.0462|
|Previous Weekly High||21.2988|
|Previous Weekly Low||20.8444|
|Previous Monthly High||22.9106|
|Previous Monthly Low||21.7322|
|Daily Fibonacci 38.2%||21.3829|
|Daily Fibonacci 61.8%||21.2543|
|Daily Pivot Point S1||21.0667|
|Daily Pivot Point S2||20.7841|
|Daily Pivot Point S3||20.5219|
|Daily Pivot Point R1||21.6115|
|Daily Pivot Point R2||21.8736|
|Daily Pivot Point R3||22.1562|
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.