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.

Matías Salord FXStreet

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

USD/MXN

Overview
Today last price	21.5227
Today Daily Change	-0.2551
Today Daily Change %	-1.17
Today daily open	21.7778

Trends
Daily SMA20	21.9394
Daily SMA50	22.2263
Daily SMA100	22.6644
Daily SMA200	21.5423

Levels
Previous Daily High	21.879
Previous Daily Low	21.5674
Previous Weekly High	21.9558
Previous Weekly Low	21.498
Previous Monthly High	22.9106
Previous Monthly Low	21.7322
Daily Fibonacci 38.2%	21.76
Daily Fibonacci 61.8%	21.6864
Daily Pivot Point S1	21.6038
Daily Pivot Point S2	21.4297
Daily Pivot Point S3	21.2921
Daily Pivot Point R1	21.9154
Daily Pivot Point R2	22.0531
Daily Pivot Point R3	22.2271

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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