USD/MXN Price Analysis: Mexican peso strengthens after breaking under 20.00

USD/MXN drops below 20.00, fall to lowest in two months.
Outlook point to further gains for the MXN, targeting 19.70/75.

Matías Salord FXStreet

The USD/MXN is falling sharply on Thruways. The decline accelerated after breaking under the 20.00 area. It bottomed so far at 19.89, the lowest level since mid-February. The pair is testing the support at 19.90, and a firm break lower would see the lowest leave since late January.

The outlook continues to favor more losses, with the next target seen at 19.70/75. A recovery back above 20.00 would alleviate the bearish pressure. Above, the next resistance stands at 20.30.

Technical indicators show there is still room for more losses. The RSI is not yet at extreme levels, and neither Momentum. Below 19.70, the YTD low at 19.55 would be exposed.

USD/MXN daily chart

USD/MXN

Overview
Today last price	19.9138
Today Daily Change	-0.1589
Today Daily Change %	-0.79
Today daily open	20.0727

Trends
Daily SMA20	20.4053
Daily SMA50	20.4927
Daily SMA100	20.2287
Daily SMA200	20.9066

Levels
Previous Daily High	20.1304
Previous Daily Low	20.0118
Previous Weekly High	20.3811
Previous Weekly Low	20.0633
Previous Monthly High	21.6353
Previous Monthly Low	20.2818
Daily Fibonacci 38.2%	20.0572
Daily Fibonacci 61.8%	20.0851
Daily Pivot Point S1	20.0129
Daily Pivot Point S2	19.9531
Daily Pivot Point S3	19.8943
Daily Pivot Point R1	20.1315
Daily Pivot Point R2	20.1903
Daily Pivot Point R3	20.2501

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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