USD/MXN Price Analysis: Rally loses momentum, still bullish

USD/MXN is correcting lower after Tuesday’s rally.
Still looking at 20.80/21.00, but signals are mixed.

Matías Salord FXStreet

The USD/MXN is falling sharply, after having the best day in weeks on Tuesday. The pair peaked at 20.82 and then started to move to the downside. The 20.80 zone has become a strong barrier and a consolidation above it should open the doors to 20.90. Then, attention would turn to 21.00. A daily close above 21.00 would strengthen the bullish outlook.

If the bearish correction extends, a support area emerges at 20.45 and then at 20.25. A break under 20.25 would negate the bullish bias, exposing 20.00.

Technical indicators are mixed, with Momentum and the RSI moving around midlines, undecided. Price is near flats 20 and 200-day Simple Moving Averages.

USD/MXN Daily chart

On the weekly chart, USD/MXN continues to be unable to post a close above 20.60, which should point to further gains in the medium term.

USD/MXN weekly chart

USD/MXN

Overview
Today last price	20.5629
Today Daily Change	-0.2232
Today Daily Change %	-1.07
Today daily open	20.7861

Trends
Daily SMA20	20.5588
Daily SMA50	20.2104
Daily SMA100	20.1666
Daily SMA200	20.4382

Levels
Previous Daily High	20.8348
Previous Daily Low	20.358
Previous Weekly High	20.5876
Previous Weekly Low	20.2052
Previous Monthly High	21.0539
Previous Monthly Low	20.0921
Daily Fibonacci 38.2%	20.6526
Daily Fibonacci 61.8%	20.5401
Daily Pivot Point S1	20.4845
Daily Pivot Point S2	20.1829
Daily Pivot Point S3	20.0077
Daily Pivot Point R1	20.9612
Daily Pivot Point R2	21.1364
Daily Pivot Point R3	21.438

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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