USD/MXN Price Analysis: Mexican Peso extends its downside around 17.50 amid a stronger Dollar

USD/MXN gains momentum for the fourth straight day, holds above the 50- and 100-day EMAs on the daily chart.
Relative Strength Index (RSI) stands above 50 and MACD is located in bullish territory.
The immediate resistance level is seen at 17.77; the first support level is located at 17.35.

Lallalit Srijandorn FXStreet

The Mexican Peso (MXN) trades in negative territory for the fourth consecutive day against the US Dollar (USD). USD/MXN currently trades near 17.50, gaining 0.48% on the day.

From the technical perspective, USD/MXN just holds above the 50- and 100-day Exponential Moving Averages (EMAs) on the daily chart, which means the path of the least resistance is to the upside. Meanwhile, the Relative Strength Index (RSI) stands above 50 and the Moving Average Convergence/Divergence (MACD) is located within the bullish territory, suggesting that buyers the further upside looks favorable for the time being.

Therefore, the pair could meet the immediate resistance level at 17.77 (a high of May 31). The additional upside filter to watch is near a psychological round mark and a high of May 24 at 18.00. Further north, the next barrier is seen at 18.20 (a high of April 27) and finally at 18.40 (a high of April 5).

On the downside, the first support level is seen at 17.35, representing the 50-day EMA. Any extended weakness below the latter will challenge the critical contention at the 17.00-17.10 region. The mentioned level is a confluence of the midline of Bollinger Band, a psychological round figure, and the 50-day EMA. The next downside stop to watch is near a Year-To-Date (YTD) low of 16.60. Further south, the pair will see a drop to a psychological round figure at 16.00.

USD/MXN daily chart

USD/MXN

Overview
Today last price	17.4969
Today Daily Change	0.0798
Today Daily Change %	0.46
Today daily open	17.4171

Trends
Daily SMA20	17.0031
Daily SMA50	16.9795
Daily SMA100	17.29
Daily SMA200	18.045

Levels
Previous Daily High	17.4582
Previous Daily Low	17.1704
Previous Weekly High	17.2025
Previous Weekly Low	16.6945
Previous Monthly High	17.4274
Previous Monthly Low	16.6945
Daily Fibonacci 38.2%	17.3483
Daily Fibonacci 61.8%	17.2803
Daily Pivot Point S1	17.2389
Daily Pivot Point S2	17.0607
Daily Pivot Point S3	16.9511
Daily Pivot Point R1	17.5268
Daily Pivot Point R2	17.6364
Daily Pivot Point R3	17.8146

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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