USD/MXN Price Analysis: Mexican Peso bears attack 17.69 confluence level

USD/MXN picks up bids to extend previous recovery from fortnight low.
Convergence of 100-HMA, one-week-old descending trend line prod pair buyers.
200-HMA acts as additional hurdle for Mexican Peso sellers.
Two-week-old horizontal support is the key for pair bears to conquer.

Anil Panchal FXStreet

USD/MXN holds onto the previous day’s recovery from a two-week low as bulls poke a 17.69 resistance confluence during early Wednesday.

In doing so, the Mexican Peso (MXN) pair struggles to extend recovery from a fortnight-long horizontal support while jostling with the short-term key upside hurdle comprising the 100-Hour Moving Average (HMA) and a one-week-old descending trend line.

It’s worth noting that the overbought RSI (14) conditions challenge the USD/MXN buyers around the 17.69 resistance confluence.

Even if the quote crosses the 17.69 key resistance, the 17.70 round figure and the 200-HMA level of 17.76 may act as extra filters toward the north ahead of directing the pair buyers toward the monthly peak of near the 18.00 round figure.

Alternatively, the USD/MXN pair’s pullback remains elusive unless the quote stays beyond the 61.8% Fibonacci retracement level of May 15-23 upside, near 17.64 at the latest.

Should the quote drops below 17.64, it can drop to the aforementioned two-week-old horizontal support zone surrounding 17.54-53.

The USD/MXN pair’s south-run towards the multi-month low marked earlier in May around 17.42 and the year 2016 low of near 17.05 can’t be ruled out.

USD/MXN: Hourly chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	17.6923
Today Daily Change	0.0354
Today Daily Change %	0.20%
Today daily open	17.6569

Trends
Daily SMA20	17.7172
Daily SMA50	17.9675
Daily SMA100	18.2927
Daily SMA200	19.0207

Levels
Previous Daily High	17.6936
Previous Daily Low	17.5411
Previous Weekly High	17.9981
Previous Weekly Low	17.6165
Previous Monthly High	18.4018
Previous Monthly Low	17.9329
Daily Fibonacci 38.2%	17.6354
Daily Fibonacci 61.8%	17.5994
Daily Pivot Point S1	17.5675
Daily Pivot Point S2	17.478
Daily Pivot Point S3	17.415
Daily Pivot Point R1	17.72
Daily Pivot Point R2	17.7831
Daily Pivot Point R3	17.8725

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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