USD/MXN Price Analysis: Price rises above key SMA, could extend to 20.25
- Mexican peso falls for the second day in a row versus the US dollar.
- USD/MXN turns bullish in the short-term, next resistance at 20.25.
The USD/MXN is rising again on Thursday, and it climbed to 20.07, the highest level in a week. It is hovering near the top with the bullish tone intact. More gains seem likely while above the 20.05 area.
The next strong resistance is seen around 20.25: horizontal support and the 100-day moving average. A consolidation above should clear the way to more gains, targeting the 20.50 zone.
A slide back under 20.00 would ease the dollar’s momentum, with USD/MXN back at the previous range between 19.75 and 19.95.
The RSI is turning to the upside, rising above 50, suggesting that more gains are likely. Key SMAs are flat now, with the 55-day offering support at 20.00 and the 100-day resistance around 20.25.
USD/MXN daily chart
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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.
