USD/MXN Price Analysis: Pair tests 20.20 as Mexican peso loses momentum

USD/MXN main trend is bearish, short-term supported at 19.90 and 19.70.
US dollar set to strengthen if it holds above 20.20.

Matías Salord FXStreet

The USD/MXN pair is rising for the fourth consecutive day and is it is holding firm above the 20-day moving average. The US dollar gained momentum on Monday after holding above 20.00 and it is testing the 20.20/25 resistance.

The main trend in USD/MXN is bearish, although in the short-term technical indicators favor the upside. The next strong resistance is seen at 20.75, a horizontal level and the 55-day simple moving average. It if it breaks above, a test the eight-month downtrend line, today at 21.30, seems likely.

A slide back below 19.95 would weaken the US dollar. The next support is located at 19.90 and below the December low around 19.70. A consolidation under 19.70 would target 19.55/60.

USD/MXN daily chart

USD/MXN

Overview
Today last price	20.1968
Today Daily Change	0.0690
Today Daily Change %	0.34
Today daily open	20.1278

Trends
Daily SMA20	20.0453
Daily SMA50	20.6518
Daily SMA100	21.2852
Daily SMA200	22.211

Levels
Previous Daily High	20.1945
Previous Daily Low	19.9528
Previous Weekly High	20.1945
Previous Weekly Low	19.7
Previous Monthly High	21.9797
Previous Monthly Low	19.9377
Daily Fibonacci 38.2%	20.1022
Daily Fibonacci 61.8%	20.0451
Daily Pivot Point S1	19.9889
Daily Pivot Point S2	19.85
Daily Pivot Point S3	19.7472
Daily Pivot Point R1	20.2306
Daily Pivot Point R2	20.3334
Daily Pivot Point R3	20.4723

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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