USD/MXN Price Analysis: Mexican peso strengthens under 20.00

USD/MXN falls to fresh multi-month lows, attempts to consolidate below 20.00.
Mexican peso about to post the highest close since mid-March.

Matías Salord FXStreet

The USD/MXN dropped again below 20.00 and bottomed at 19.85, the lowest level since March. This time it is holding below. A close under 20.00 would point to more weakness ahead for the dollar.

The downside target in USD/MXN is seen at 19.75; while at 19.60 a strong support is seen followed by 19.30. A rebound back above 20.00 would alleviate the negative pressure.

On a general view, the bearish trend will remain in place while below 21.40. An interim resistance is seen at 20.70/80.

USD/MXN daily chart

USD/MXN

Overview
Today last price	19.9184
Today Daily Change	-0.0894
Today Daily Change %	-0.45
Today daily open	20.0078

Trends
Daily SMA20	20.2543
Daily SMA50	20.9641
Daily SMA100	21.4619
Daily SMA200	22.2015

Levels
Previous Daily High	20.147
Previous Daily Low	19.9986
Previous Weekly High	20.7191
Previous Weekly Low	19.9377
Previous Monthly High	21.9797
Previous Monthly Low	19.9377
Daily Fibonacci 38.2%	20.0553
Daily Fibonacci 61.8%	20.0903
Daily Pivot Point S1	19.9552
Daily Pivot Point S2	19.9026
Daily Pivot Point S3	19.8067
Daily Pivot Point R1	20.1037
Daily Pivot Point R2	20.1996
Daily Pivot Point R3	20.2522

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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