USD/MXN Price Analysis: Mexican peso near monthly highs, could test 19.50

USD/MXN holds under 20.00, tests the 19.70 area.
Outlook points to further gains for the MXN; below 19.70, attention turns to 19.50.

Matías Salord FXStreet

The USD/MXN is rising modestly on Tuesday after it bottomed at 19.71, the lowest levels since mid-January. It tested the 19.70/75 area and rebounded. It is back above 19.80, but the bias still points to the downside.

The outlook continues to favor more losses. The target at 19.70/75 has been reached. A close under 19.70 would leave the pair vulnerable to more losses, with a potential target on the 19.50/55 area.

Technical indicators favor the downside, but the momentum eased. The dollar needs to rise back above 20.00 to alleviate the bearish pressure. A daily close above 20.20/25 would suggest that a temporal bottom is in place.

USD/MXN daily chart

USD/MXN

Overview
Today last price	19.8073
Today Daily Change	0.0269
Today Daily Change %	0.14
Today daily open	19.7804

Trends
Daily SMA20	20.0027
Daily SMA50	20.2585
Daily SMA100	20.2313
Daily SMA200	20.6317

Levels
Previous Daily High	19.9526
Previous Daily Low	19.7619
Previous Weekly High	20.2141
Previous Weekly Low	19.7542
Previous Monthly High	20.498
Previous Monthly Low	19.7799
Daily Fibonacci 38.2%	19.8348
Daily Fibonacci 61.8%	19.8798
Daily Pivot Point S1	19.7107
Daily Pivot Point S2	19.6409
Daily Pivot Point S3	19.5199
Daily Pivot Point R1	19.9014
Daily Pivot Point R2	20.0224
Daily Pivot Point R3	20.0921

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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