USD/MXN Price Analysis: Daily chart points to further gains, could test 22.00


  • 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

usdmxn

USD/MXN

Overview
Today last price 21.5848
Today Daily Change 0.2355
Today Daily Change % 1.10
Today daily open 21.3493
 
Trends
Daily SMA20 21.5183
Daily SMA50 21.9737
Daily SMA100 22.3718
Daily SMA200 21.6317
 
Levels
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

 

 

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