USD/MXN Price Analysis: Losses limited while above 19.30

Mexican peso loses momentum across the board on Tuesday.
USDMXN holds bearish bias, but strong support at 19.30 prevails.
US Dollar faces resistance at the 19.60 zone.

The USDMXN is trading flat on Tuesday, after hitting the lowest intraday level since March 2020 at 19.24, following the release of the October US Producer Price Index. The greenback reversed sharply after a few minutes and gained momentum across the board. The pair rose back above 19.30.

The area around 19.30 is the critical support in the short-term. A daily close below keep the doors open to more losses with the next key area at 19.00/05 (intermediate support at 19.15). The RSI is moving away from oversold readings but not showing yet an upside slope. Momentum remains flat.

While above 19.30, losses seem limited for USDMXN. Still the outlook is constructive for the Mexican peso. Only a recovery above 19.60 would alleviate the bearish tone for the greenback. Before that area, there is a resistance at 19.45.

USDMXN daily chart

USD/MXN

Overview
Today last price	19.3633
Today Daily Change	0.0085
Today Daily Change %	0.04
Today daily open	19.3548

Trends
Daily SMA20	19.7322
Daily SMA50	19.9237
Daily SMA100	20.1074
Daily SMA200	20.1552

Levels
Previous Daily High	19.5733
Previous Daily Low	19.3173
Previous Weekly High	19.6321
Previous Weekly Low	19.2648
Previous Monthly High	20.177
Previous Monthly Low	19.785
Daily Fibonacci 38.2%	19.4151
Daily Fibonacci 61.8%	19.4755
Daily Pivot Point S1	19.257
Daily Pivot Point S2	19.1592
Daily Pivot Point S3	19.001
Daily Pivot Point R1	19.5129
Daily Pivot Point R2	19.6711
Daily Pivot Point R3	19.7689

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