USD/MXN Price Analysis: Mexican Peso retreats to 17.00 but bears are far from home


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  • USD/MXN picks up bids to snap three-day downtrend at the lowest level in a fortnight.
  • Firmer RSI, multiple supports around the 17.00 teased Mexican Peso sellers.
  • Weekly resistance line, 200-HMA restrict immediate recovery while 17.33 holds the key to buyer’s conviction.

USD/MXN Price remains on the front foot around the intraday high near 17.10, printing the first daily gain in four amid early Wednesday. In doing so, the Mexican Peso (MXN) pair approaches the weekly resistance line surrounding 17.11 while justifying the upbeat RSI (14) line.

However, the 200-HMA and the previous support line from June 16, respectively close to 17.14 and 17.20, can restrict further upside of the USD/MXN pair.

Even if the quote rises past 17.20, a 13-day-old horizontal area and multiple levels marked from June 08, around 17.25 and 17.33 in that order, will challenge the USD/MXN bulls before giving them control.

On the contrary, pullback moves may aim for the 17.00 psychological magnet while challenging the yearly bottom.

Following that, the November 2021 high of around 16.91 may prod the USD/MXN sellers before directing them to the late 2021 bottom surrounding 16.32.

Overall, USD/MXN remains in the bearish trajectory unless crossing the 17.33 hurdle despite the latest corrective bounce. However, the 17.00 threshold appears a tough nut to crack for Mexican Peso buyers.

USD/MXN: Hourly chart

Trend: Limited recovery expected

Additional important levels

Overview
Today last price 17.0919
Today Daily Change 0.0061
Today Daily Change % 0.04%
Today daily open 17.0858
 
Trends
Daily SMA20 17.2742
Daily SMA50 17.6005
Daily SMA100 17.9813
Daily SMA200 18.7475
 
Levels
Previous Daily High 17.1412
Previous Daily Low 17.0544
Previous Weekly High 17.2656
Previous Weekly Low 17.061
Previous Monthly High 18.078
Previous Monthly Low 17.4203
Daily Fibonacci 38.2% 17.0876
Daily Fibonacci 61.8% 17.1081
Daily Pivot Point S1 17.0464
Daily Pivot Point S2 17.0069
Daily Pivot Point S3 16.9595
Daily Pivot Point R1 17.1333
Daily Pivot Point R2 17.1807
Daily Pivot Point R3 17.2202

 

 

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