USD/MXN Price Analysis: Mexican Peso bounces off 200-HMA


  • USD/MXN snaps two-day losing streak.
  • A short-term falling trend line could question the bounce.
  • Weekly horizontal support line adds to the downside rest-point below 200-HMA.

Following its U-turn from 200-HMA and 38.2% Fibonacci retracement of March 12-23 upside, USD/MXN takes the bids near 24.07, up 0.6%, amid the early Thursday.

The pair currently heads to the two-day-old falling resistance line, at 24.25 now, whereas 24.65 and 25.00 could question the bulls afterward.

Should there be a clear upside past-25.00, the recent record high surrounding 25.45 will be challenged.

Alternatively, the pair’s declines below 23.90/85 support confluence, including 200-HMA and 38.2% Fibonacci retracement, may take rest on the weekly horizontal support, around 23.55.

In a case where the bears keep dominating past-23.55, the escalated selling pressure towards the sub-23.00 area can’t be ruled out.

USD/MXN forecast chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 24.0582
Today Daily Change 0.1230
Today Daily Change % 0.51%
Today daily open 23.9352
 
Trends
Daily SMA20 21.8203
Daily SMA50 19.9812
Daily SMA100 19.557
Daily SMA200 19.4689
 
Levels
Previous Daily High 24.9225
Previous Daily Low 23.8543
Previous Weekly High 24.6528
Previous Weekly Low 21.3655
Previous Monthly High 19.895
Previous Monthly Low 18.5151
Daily Fibonacci 38.2% 24.2624
Daily Fibonacci 61.8% 24.5144
Daily Pivot Point S1 23.5521
Daily Pivot Point S2 23.1691
Daily Pivot Point S3 22.4839
Daily Pivot Point R1 24.6203
Daily Pivot Point R2 25.3055
Daily Pivot Point R3 25.6885

 

 

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