USD/MXN Price Analysis: New monthly highs, 21.00 back on the radar

USD/MXN jumps to 20.88, hitting the highest since March.
Risk aversion weighs on the Mexican peso, also hit by technicals.
Third consecutive gain for the USD/MXN, consolidation at higher levels likely.

Matías Salord FXStreet

The USD/MXN is rising on Wednesday for the third consecutive day. During the European session, it climbed to 20.88, reaching the highest level since March. It then pulled back and it is trading slightly above 20.65.

The Mexican peso was affected by risk aversion across global financial markets and higher US yields. If tensions persist the impulse could send USD/MXN to fresh highs and to test the 21.00/05 resistance area. A daily close above 20.80 should keep the dollar on its way to 21.00.

The chart looks clearly bullish. The correction from 20.88 alleviated the pressure. A slide back under 20.60 should see the 20.40/20.60 range back into play. While above 21.05, the next strong barrier is seen around 21.40.

USD/MXN daily chart

USD/MXN

Overview
Today last price	20.7167
Today Daily Change	0.1518
Today Daily Change %	0.74
Today daily open	20.5649

Trends
Daily SMA20	20.1466
Daily SMA50	20.0799
Daily SMA100	20.0352
Daily SMA200	20.1329

Levels
Previous Daily High	20.6094
Previous Daily Low	20.478
Previous Weekly High	20.7353
Previous Weekly Low	20.0068
Previous Monthly High	20.6781
Previous Monthly Low	19.8429
Daily Fibonacci 38.2%	20.5592
Daily Fibonacci 61.8%	20.5282
Daily Pivot Point S1	20.4922
Daily Pivot Point S2	20.4194
Daily Pivot Point S3	20.3608
Daily Pivot Point R1	20.6235
Daily Pivot Point R2	20.6821
Daily Pivot Point R3	20.7548

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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