- The Mexican peso rises for the fifth consecutive day on Monday versus the US dollar.
- USD/MXN’s momentum favors the downside as it approaches the 20.00 area.
- The 20.25 area turns now to resistance.
The USD/MXN continued its decline on Monday and dropped to 20.04, reaching the lowest level since April 5. Bearish signs increased after the pair decreased below the 20-day Simple Moving Average and as Momentum turned further to the downside, under 100. Another negative sign for the pair is the decline under a short-term bearish trendline.
If the decline continues, USD/MXN will likely challenge the 20.00 area. The May low at 19.99 is a strong support and a break lower could clear the way to 19.90, the next support.
Any rebound, while under 20.25, should be seen as corrective. While a recovery above 20.30 would negate the current negative bias. Above the critical resistance await at 20.45. A daily close above would be a positive development for the greenback, exposing 20.70.
USD/MXN daily chart
|Today last price||20.0768|
|Today Daily Change||-0.0260|
|Today Daily Change %||-0.13|
|Today daily open||20.1028|
|Previous Daily High||20.2725|
|Previous Daily Low||20.0781|
|Previous Weekly High||20.475|
|Previous Weekly Low||20.0781|
|Previous Monthly High||20.6382|
|Previous Monthly Low||19.7269|
|Daily Fibonacci 38.2%||20.1524|
|Daily Fibonacci 61.8%||20.1982|
|Daily Pivot Point S1||20.0298|
|Daily Pivot Point S2||19.9567|
|Daily Pivot Point S3||19.8354|
|Daily Pivot Point R1||20.2242|
|Daily Pivot Point R2||20.3455|
|Daily Pivot Point R3||20.4186|
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