USD/MXN Price Analysis: Pair remains sideways ahead of US data, hovers around 16.75

USD/MXN consolidates before the release of the US economic data.
Seven-day EMA appears to be the immediate resistance aligned to both 14-day EMA and 23.6% Fibo.
MACD indicates that recent momentum is weaker.

Akhtar Faruqui FXStreet

USD/MXN hovers around 16.75 ahead of the European session kicking off on Thursday. The pair witnessed downward pressure due to the moderate data from Mexico and cautious sentiment ahead of the US Federal Reserve’s (Fed) preferred inflation gauge, notably the US Core Personal Consumption Expenditure (PCE) Price Index for August.

The seven-day Exponential Moving Average (EMA) at 16.80 emerges as the immediate barrier lined up with both 14-day EMA and 23.6% Fibonacci retracement at 16.87. A firm break above the latter could open the doors for the USD/MXN pair to explore the region around 38.2% Fibonacci retracement at 16.97.

On the flip side, the pair could meet the key support around the monthly low at 16.69 level, followed by July’s low at 16.62 level. A break below that level could inspire the bears of the pair to navigate the region around a 16.50 psychological level.

The 14-day Relative Strength Index (RSI) remains below 50, indicating a bearish bias of the USD/MXN traders. The Moving Average Convergence Divergence (MACD) line remains below the centerline and shows the divergence below the signal line, which indicates that recent momentum is weaker.

In the short term, the underlying trend remains bearish as long as the USD/MXN pair stays below the 50-day EMA at 17.07.

USD/MXN: Daily Chart

USD/MXN: additional important levels

Overview
Today last price	16.7607
Today Daily Change	0.0188
Today Daily Change %	0.11
Today daily open	16.7419

Trends
Daily SMA20	16.9965
Daily SMA50	16.9766
Daily SMA100	17.3237
Daily SMA200	18.0877

Levels
Previous Daily High	16.8036
Previous Daily Low	16.7269
Previous Weekly High	17.08
Previous Weekly Low	16.7366
Previous Monthly High	17.3957
Previous Monthly Low	16.6258
Daily Fibonacci 38.2%	16.7562
Daily Fibonacci 61.8%	16.7743
Daily Pivot Point S1	16.7114
Daily Pivot Point S2	16.6808
Daily Pivot Point S3	16.6347
Daily Pivot Point R1	16.788
Daily Pivot Point R2	16.8341
Daily Pivot Point R3	16.8646

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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