USD/MXN Price Analysis: More gains limited while under 20.55


  • Mexican peso recovers some lost ground versus the US dollar after falling to the lowest since March.
  • USD/MXN flat on Thursday after a pullback from 20.62.

The USD/MXN peaked on Thursday at 20.62, the highest intraday level since late March. It then pulled back amid lower US yields and despite risk aversion. The pair dropped back under 20.50, and it is hovering around 20.35, marginally lower for the day about to post the first negative close since last Thursday.

The outlook now points to the upside, but the rally in USD/MXN calls for some precaution. While under 20.50, the odds of more gains seem limited. A close above the mentioned level would expose the next resistance seen at 20.60, followed by 20.80/85.

The daily RSI is approaching the 70 area, suggesting some consolidation ahead before another potential leg higher. The USD/MXN could trade between the 100-day moving average at 20.25 and 20.55. A slide below 19.95 would negate any upside bias, favoring more losses ahead.

USD/MXN daily chart

usdmxn

USD/MXN

Overview
Today last price 20.4833
Today Daily Change 0.0756
Today Daily Change % 0.37
Today daily open 20.4077
 
Trends
Daily SMA20 19.9259
Daily SMA50 19.972
Daily SMA100 20.2417
Daily SMA200 20.4104
 
Levels
Previous Daily High 20.4279
Previous Daily Low 19.9521
Previous Weekly High 20.0023
Previous Weekly Low 19.5983
Previous Monthly High 20.3286
Previous Monthly Low 19.7191
Daily Fibonacci 38.2% 20.2461
Daily Fibonacci 61.8% 20.1339
Daily Pivot Point S1 20.0972
Daily Pivot Point S2 19.7868
Daily Pivot Point S3 19.6215
Daily Pivot Point R1 20.573
Daily Pivot Point R2 20.7383
Daily Pivot Point R3 21.0488

 

 

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