USD/MXN Price Analysis: Downside limited while above 21.10

Mexican peso losses momentum against US dollar, holds positive bias.
USD/MXN rebounds from key support area at 21.15.

Matías Salord FXStreet

The USD/MXN is rising on Tuesday for the second day in a row, at a modest pace. It continues to rebound from the 21.15 support line. A consolidation under 21.10 is needed to clear the way to more losses, for a test of the September low at 20.84.

The current bias favors an extension of the rebound in USD/MXN that could gain momentum if it breaks above 21.50. The next target would be the 20-day moving average at 21.65. The next resistance is seen at 21.95.

While the bias points to the downside, above 21.10 the odds of a rebound will remain high. A break of 22.35 would negate the positive outlook for the Mexican peso.

USD/MXN daily chart

USD/MXN

Overview
Today last price	21.3504
Today Daily Change	0.1386
Today Daily Change %	0.65
Today daily open	21.2118

Trends
Daily SMA20	21.6401
Daily SMA50	21.8295
Daily SMA100	22.0937
Daily SMA200	21.8489

Levels
Previous Daily High	21.3048
Previous Daily Low	21.1246
Previous Weekly High	21.7632
Previous Weekly Low	21.1152
Previous Monthly High	22.7008
Previous Monthly Low	20.8444
Daily Fibonacci 38.2%	21.2359
Daily Fibonacci 61.8%	21.1934
Daily Pivot Point S1	21.1226
Daily Pivot Point S2	21.0335
Daily Pivot Point S3	20.9424
Daily Pivot Point R1	21.3029
Daily Pivot Point R2	21.394
Daily Pivot Point R3	21.4831

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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