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