USD/MXN Price Analysis: Mexican peso recovers after another failure at 23.20

  • USD/MXN trend still points to the upside, but it is losing momentum
  • Correction limited by 23.00, a slide below would clear the way to more losses.

The USD/MXN reached a fresh monthly high on Tuesday at 23.22 and then pulled back to 22.95. The short-term bias point to the upside, but the momentum is fading, favoring a correction.

The pair again failed at the 23.20 area and also the 55-days simple moving average. A firm break above would target 23.50/55; the next resistance stands at 23.70.

A consolidation of USD/MXN below 23.00 would sign more losses ahead for a potential test the uptrend line, currently at 22.70 that should initially cap the downside. A break lower would negate the bullish outlook. As long as the pair remains above 23.00, another test of 23.20 seems likely.

USD/MXN 4-hour chart



Today last price 22.9571
Today Daily Change -0.1151
Today Daily Change % -0.50
Today daily open 23.0722
Daily SMA20 22.3071
Daily SMA50 23.1303
Daily SMA100 22.4831
Daily SMA200 20.808
Previous Daily High 23.1984
Previous Daily Low 22.9314
Previous Weekly High 23.0771
Previous Weekly Low 22.2853
Previous Monthly High 24.8895
Previous Monthly Low 22.0047
Daily Fibonacci 38.2% 23.0964
Daily Fibonacci 61.8% 23.0334
Daily Pivot Point S1 22.9363
Daily Pivot Point S2 22.8003
Daily Pivot Point S3 22.6693
Daily Pivot Point R1 23.2033
Daily Pivot Point R2 23.3343
Daily Pivot Point R3 23.4703



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