- 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
|Today last price||24.0582|
|Today Daily Change||0.1230|
|Today Daily Change %||0.51%|
|Today daily open||23.9352|
|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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