USD/MXN Price Analysis: Mexican peso hits weekly highs, tests 20.00 ahead of Banxico

  • Mexican central bank expected to keep rates unchanged, hawkish bias.
  • USD/MXN with bearish momentum, unclear trend.

The USD/MXN bottomed on Thursday at 20.00, the lowest level in a week, and then rebounded modestly. The 20.00 area remains under pressure. It is a critical support and near the 20 and 55-day simple moving average. A consolidation under 19.95 would point to further strength for the Mexican peso.

The dollar is falling for the fourth consecutive day ahead of the decision of the Bank of Mexico. No change is expected but the statement could have an impact on the MXN.

Despite the ongoing decline, technical indicators in USD/MXN, like the daily RSI are not yet at extreme levels, suggesting it could drop further. The 20.00 zone is a barrier that could trigger a rebound. On the upside, the resistance is seen at 20.25, a horizontal level and also the 100-day moving average. Above the bearish pressure would alleviate.

USD/MXN daily chart



Today last price 20.0312
Today Daily Change -0.1612
Today Daily Change % -0.80
Today daily open 20.1924
Daily SMA20 20.059
Daily SMA50 20.0036
Daily SMA100 20.2482
Daily SMA200 20.3916
Previous Daily High 20.4096
Previous Daily Low 20.1713
Previous Weekly High 20.7488
Previous Weekly Low 19.8385
Previous Monthly High 20.3286
Previous Monthly Low 19.7191
Daily Fibonacci 38.2% 20.2623
Daily Fibonacci 61.8% 20.3186
Daily Pivot Point S1 20.1059
Daily Pivot Point S2 20.0195
Daily Pivot Point S3 19.8676
Daily Pivot Point R1 20.3442
Daily Pivot Point R2 20.4961
Daily Pivot Point R3 20.5825



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