- USD/MXN is breaking a range to the upside, looking to more gains.
- Next target seen around 20.45 and then 20.70.
- A decline back below 20.20 should weaken the US dollar.
The USD/MXN is breaking above a range that held since mid-August. As long as the pair remains above 20.25, the outlook is bullish. The next target may be seen at 20.45 and above the next barrier emerges around 20.70. At the time of writing, it trades at fresh two-month highs at 20.37.
Basically, most technical indicators are pointing to the upside, offering bullish signs. RSI is up but not yet in overbought territory.
The bullish tone is strong. During the session, the pair pulled back many times to the 20.20/25 zone but held above. A consolidation below would alleviate the pressure and could even suggest a potential short-term top.
USD/MXN daily chart
|Today last price||20.3528|
|Today Daily Change||0.1432|
|Today Daily Change %||0.71|
|Today daily open||20.2096|
|Previous Daily High||20.2655|
|Previous Daily Low||19.9053|
|Previous Weekly High||20.2655|
|Previous Weekly Low||19.8402|
|Previous Monthly High||20.8261|
|Previous Monthly Low||19.8019|
|Daily Fibonacci 38.2%||20.1279|
|Daily Fibonacci 61.8%||20.0429|
|Daily Pivot Point S1||19.9881|
|Daily Pivot Point S2||19.7666|
|Daily Pivot Point S3||19.6279|
|Daily Pivot Point R1||20.3483|
|Daily Pivot Point R2||20.487|
|Daily Pivot Point R3||20.7085|
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