USD/MXN Price Analysis: Mexican peso gains after Banxico, still faces negative outlook


  • The Mexican peso rose across the board after Banxico’s meeting.
  • USD/MXN drops on Friday for the second day in a row remains above short-term trendline.

The USD/MXN is falling on Friday, is about to end the week slightly above the level it had seven days ago. Price bottomed on 20.53, and continues to press against the 20.50/55 critical support area.

A consolidation under 20.50 would strengthen the Mexican peso, opening the doors for a slide to the next barrier at 20.25/30. As long as it remains above 20.50, the odds will favor more gains.

On the upside, USD/MXN seems limited while below 20.80. A consolidation above 20.80 should clear the way for a test of 21.00. The next resistance levels are located at 21.10 and 21.30, which protects the medium-term barrier of 21.50.

The daily chart shows mixed signs. Price is back below the 20-day SMA, and the Momentum points to the downside. The RSI is flat and longer-term moving averages have a positive slope supporting a bullish outlook.

USD/MXN daily chart

usdmxn

USD/MXN

Overview
Today last price 20.5755
Today Daily Change -0.1042
Today Daily Change % -0.50
Today daily open 20.6797
 
Trends
Daily SMA20 20.8081
Daily SMA50 20.4165
Daily SMA100 20.2282
Daily SMA200 21.074
 
Levels
Previous Daily High 20.9531
Previous Daily Low 20.5776
Previous Weekly High 20.827
Previous Weekly Low 20.2818
Previous Monthly High 21.0483
Previous Monthly Low 19.8822
Daily Fibonacci 38.2% 20.721
Daily Fibonacci 61.8% 20.8096
Daily Pivot Point S1 20.5205
Daily Pivot Point S2 20.3613
Daily Pivot Point S3 20.145
Daily Pivot Point R1 20.896
Daily Pivot Point R2 21.1123
Daily Pivot Point R3 21.2715

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

GME stock positioned for another short squeeze

Get the full analysis and chart in our Insights. Upgrade to Premium today    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD loses 1.21 as the dollar extends its gains

EUR/USD has dipped below 1.21, some 70 pips down on the day as the dollar recovers alongside Treasury yields. US Consumer Sentiment beat estimates with 86.4 points. 

EUR/USD News

GBP/USD retreats amid UK GDP miss, reopening concerns

GBP/USD is hovering around 1.4150, down on the day. UK GDP missed with 2.3% in April and a four-week delay to Britain's reopening is speculated. The greenback is gaining some ground.

GBP/USD News

XAU/USD drops back below $1900, as US dollar rebounds ahead of data

Gold price has retraced below the $1900 mark once again, having tested Tuesday’s high near $1903. The latest leg down in gold price comes on the back of a tepid bounce staged by the US dollar, as the Treasury yields trim losses across the curve.

Gold News

Ethereum price prepares for a bullish weekend, targeting $3,000

Ethereum price seems prime to revisit $3,000. Although ETH faces resistance at $2,300, the upswing seems imminent. A downswing below $2,000 could invalidate the bullish thesis. 

Read more

Hot Inflation is warming the seat for the June FOMC

Americans are seeing the fastest price increases since their seventh-graders were born as inflation builds into the US economy from the disruptions of the pandemic lockdowns. Core CPI at 3.8% is the steepest gain in 29 years.

Read more

Forex MAJORS

Cryptocurrencies

Signatures