USD/MXN Price Analysis: Mexican peso recovers strength after rejection from above 21.00

Mexican peso rises versus US dollar on Monday amid improvement in risk sentiment.
Bias in USD/MXN keeps favoring the upside; the dollar faces resistance at 21.00.

Matías Salord FXStreet

The USD/MXN is hovering around 20.65, at the lowest level since Wednesday. It is correcting lower after being rejected from above 21.00. The main trend in the short-term continues to point to the upside. A consolidation above 21.00 is needed to clear the way to more gains. Resistance levels above might be seen at 21.10 and 21.30, before the strong barrier of 21.50.

Technical indicators in the daily chart point to some consolidation ahead, with the odds of further correction. The area of 20.50 is the next support that should limit the downside, probably favoring a rebound.

The critical support for the bullish perspective is at 20.05, an uptrend line and also the 55-day simple moving average. A break lower would negate the upside bias, leaving the USD/MXN vulnerable to more losses. An intermediate support is spotted at 20.30 (20-day moving average).

USD/MXN daily chart

USD/MXN

Overview
Today last price	20.6536
Today Daily Change	-0.2709
Today Daily Change %	-1.29
Today daily open	20.9245

Trends
Daily SMA20	20.3046
Daily SMA50	20.0818
Daily SMA100	20.2934
Daily SMA200	21.2003

Levels
Previous Daily High	21.0483
Previous Daily Low	20.7768
Previous Weekly High	21.0483
Previous Weekly Low	20.3502
Previous Monthly High	21.0483
Previous Monthly Low	19.8822
Daily Fibonacci 38.2%	20.8805
Daily Fibonacci 61.8%	20.9446
Daily Pivot Point S1	20.7848
Daily Pivot Point S2	20.645
Daily Pivot Point S3	20.5133
Daily Pivot Point R1	21.0563
Daily Pivot Point R2	21.188
Daily Pivot Point R3	21.3278

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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