USD/MXN Price Analysis: Mexican peso hits its highest level in a month, looking at 19.00

US Dollar remains weak against Emerging Markets currencies.
USD/MXN testing 2022 lows near 19.10, closer to 19.00.
Bearish pressure to alleviate above 19.50

Matías Salord FXStreet

The USD/MXN is falling again on Tuesday as it continues to move with a bearish bias, approaching the 19.00 psychological area. Earlier today it bottomed at 19.08, the lowest level in a month and slightly above the 2022 low it hit in November.

The bias is bearish in USD/MXN but it is facing a strong resistance area between 19.10 and 19.00. Technical indicators are near oversold readings which could suggest some consolidation ahead before a break lower. A candidate for the range is the 19.00-19.30 band or a wider one between 19.00 and 19.50.

The strength of the Mexican Peso is likely to remain intact while USD/MXN trades under 19.50. The initial resistance level is seen at 19.30. Then comes the 20-day Simple Moving Average, currently at 19.47 and then the 19.50 area. A break above 19.60 would point to more gains for the US Dollar, targeting 19.80.

USD/MXN daily chart

USD/MXN

Overview
Today last price	19.1226
Today Daily Change	-0.0203
Today Daily Change %	-0.11
Today daily open	19.1429

Trends
Daily SMA20	19.4984
Daily SMA50	19.4936
Daily SMA100	19.7578
Daily SMA200	19.9604

Levels
Previous Daily High	19.1951
Previous Daily Low	19.1015
Previous Weekly High	19.5361
Previous Weekly Low	19.1202
Previous Monthly High	19.9181
Previous Monthly Low	19.1084
Daily Fibonacci 38.2%	19.1593
Daily Fibonacci 61.8%	19.1373
Daily Pivot Point S1	19.0979
Daily Pivot Point S2	19.0529
Daily Pivot Point S3	19.0044
Daily Pivot Point R1	19.1915
Daily Pivot Point R2	19.24
Daily Pivot Point R3	19.285

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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