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.

Anil Panchal FXStreet

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

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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