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USD/MXN Price Analysis: Mexican peso hits three-months highs and tests 21.50 again

  • US dollar drops across the board, emerging market currencies among top performers.
  • USD/MXN reverses from weekly highs, falling to lowest intraday level since June.

The USD/MXN found against resistance below 22.00 and turned to the downside amid a board-based slide of the US dollar. The pair fell from the highest in weeks hitting three-month lows. It was unable to break under 21.50.

On the upside, the critical level to watch is 22.00, a convergence of a round number, a downtrend line and key moving averages. A daily close above would likely point to further gains, with an initial target at 22.30.

At the moment, USD/MXN is testing again the 21.45/50 support area. Below that level the bearish pressure will likely rise considerable, leaving the doors open for a slide to 21.00, with an intermediate target at 21.30.

USD/MXN daily chart

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USD/MXN

Overview
Today last price21.5227
Today Daily Change-0.2551
Today Daily Change %-1.17
Today daily open21.7778
 
Trends
Daily SMA2021.9394
Daily SMA5022.2263
Daily SMA10022.6644
Daily SMA20021.5423
 
Levels
Previous Daily High21.879
Previous Daily Low21.5674
Previous Weekly High21.9558
Previous Weekly Low21.498
Previous Monthly High22.9106
Previous Monthly Low21.7322
Daily Fibonacci 38.2%21.76
Daily Fibonacci 61.8%21.6864
Daily Pivot Point S121.6038
Daily Pivot Point S221.4297
Daily Pivot Point S321.2921
Daily Pivot Point R121.9154
Daily Pivot Point R222.0531
Daily Pivot Point R322.2271

Author

Matías Salord

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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