USD/MXN Price Analysis: Resistance area at 20.15/20 holds after first test

USD/MXN fails to break key resistance near 20.20.
Break above 20.20 to give momentum to the dollar.
Price continues to consolidate around 20.00.

Matías Salord FXStreet

The USD/MXN is flat on Monday as it pulled back after reaching the highest level in almost a week at 20.16. The pair tested a critical resistance area around 20.17, the convergence of a short-term downtrend line and the 20 and 200-day Simple Moving Average.

A break above 20.20 should give momentum to the US Dollar and a close above 20.25 would point to more gains, with the next resistance located at 20.45.

A slide under 19.98 should put the Mexican peso to test the 19.90 support area. A break lower would expose the August low around 19.80, a strong support level that would likely hold, favoring a rebound to 19.90 before a break lower.

On a wider perspective, USD/MXN continues to consolidate around 20.00, moving without a clear direction. With the price under key daily moving average the bias is to the downside with momentum under 100. Although other technical indicators like the RSI are flat around midlines.

USD/MXN 4-hour chart

USD/MXN daily chart

USD/MXN

Overview
Today last price	20.0126
Today Daily Change	-0.0132
Today Daily Change %	-0.07
Today daily open	20.0258

Trends
Daily SMA20	20.1338
Daily SMA50	20.2873
Daily SMA100	20.1576
Daily SMA200	20.3935

Levels
Previous Daily High	20.0346
Previous Daily Low	19.8686
Previous Weekly High	20.2483
Previous Weekly Low	19.8495
Previous Monthly High	21.0539
Previous Monthly Low	20.0921
Daily Fibonacci 38.2%	19.9712
Daily Fibonacci 61.8%	19.932
Daily Pivot Point S1	19.9181
Daily Pivot Point S2	19.8104
Daily Pivot Point S3	19.7522
Daily Pivot Point R1	20.0841
Daily Pivot Point R2	20.1423
Daily Pivot Point R3	20.25

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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