USD/MXN Price Analysis: Mexican peso breaks 20.00, tests levels under 19.90

USD/MXN breaks key short-term supports, looks for 19.80
Despite the rally versus USD, the Mexican peso is far from being a top EM performer.

Matías Salord FXStreet

A sharp decline of the US dollar across the board pushed the USD/MXN under 20.00. After breaking the 20.05/00 barrier, the price dropped to 19.85, hitting the lowest level since April 29.

The USD/MXN is testing levels under 19.90, and if it holds below, a decline targeting 19.80 seems likely. Technical indicators favor further losses at the moment. The April floor at 19.75/80 should offer support. A break lower should expose the 19.50 area.

A recovery back above 20.00/05 is needed for the greenback to alleviate the bearish pressure. Above the next resistance stands at 20.15, followed by the critical 20.30.

The USD/MXN is ending Friday on a weak note, driven by a decline of the dollar. Just one day ago, it was testing the 20.30 resistance; now it is back under the 20-day moving average.

USD/MXN daily chart

USD/MXN

Overview
Today last price	19.8737
Today Daily Change	-0.2133
Today Daily Change %	-1.06
Today daily open	20.087

Trends
Daily SMA20	20.0312
Daily SMA50	20.408
Daily SMA100	20.2351
Daily SMA200	20.72

Levels
Previous Daily High	20.3007
Previous Daily Low	20.0716
Previous Weekly High	20.2785
Previous Weekly Low	19.7837
Previous Monthly High	20.498
Previous Monthly Low	19.7799
Daily Fibonacci 38.2%	20.1591
Daily Fibonacci 61.8%	20.2132
Daily Pivot Point S1	20.0055
Daily Pivot Point S2	19.9241
Daily Pivot Point S3	19.7765
Daily Pivot Point R1	20.2346
Daily Pivot Point R2	20.3821
Daily Pivot Point R3	20.4636

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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