USD/MXN Price Analysis: Firm above 22.00, testing 22.20 despite DXY’s slide

Short-term trend remains bearish in USD/MXN, but momentum fades.
The US dollar is falling sharply versus majors but shows strength against emerging market currencies.

Matías Salord FXStreet

The USD/MXN pair rebounded at 22.00 and climbed to test the 22.20 area again despite the decline of the US dollar against majors. Emerging market currencies are posting mixed results reflecting some risk aversion.

The Mexican peso traded near the multi-month highs on Monday, but it reversed the trend. So far, the rebound in USD/MXN has been unable to negate the short-term bearish bias. The immediate resistance is seen at 22.25, and a break higher would alleviate the bearish tone. A daily close above 22.55 should lead to more gains.

On the flip side, now 22.00 is the immediate support of USD/MXN. Below comes the 21.85/90 area. A break lower would target the 21.45/50 support area, with intermediate support at 21.70.

USD/MXN 4-hour chart

USD/MXN technical levels

USD/MXN

Overview
Today last price	22.1799
Today Daily Change	-0.0014
Today Daily Change %	-0.01
Today daily open	22.1813

Trends
Daily SMA20	22.2854
Daily SMA50	22.4362
Daily SMA100	23.0075
Daily SMA200	21.3462

Levels
Previous Daily High	22.2168
Previous Daily Low	21.9067
Previous Weekly High	22.5421
Previous Weekly Low	21.94
Previous Monthly High	23.0953
Previous Monthly Low	21.8473
Daily Fibonacci 38.2%	22.0983
Daily Fibonacci 61.8%	22.0252
Daily Pivot Point S1	21.9864
Daily Pivot Point S2	21.7915
Daily Pivot Point S3	21.6763
Daily Pivot Point R1	22.2965
Daily Pivot Point R2	22.4117
Daily Pivot Point R3	22.6066

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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