USD/MXN Price Analysis: Resistance at 20.65/70 holds the upside

Mexican peso recovers on Friday, still among worst weekly performers.
USD/MXN moving in the new range, upside bias.

Matías Salord FXStreet

The USD/MXN is retreating on Friday, pulling back after reaching earlier at 20.72 the highest level in a week. It is trading under 20.50, with a strong bearish intraday momentum. The daily chart nevertheless stills shows a bullish bias.

If the slide continues, USD/MXN will likely face some support around 20.45. A break lower would set the attention to the 20.30 area that should limit the decline and favor a rebound. The next critical support stands around 20.13/18 that contains the 100 and 200 moving average.

On the upside, the 20.65/70 zone capped the rally so far. A daily close above 20.65 should expose the next key area of 20.85/90, the last defense to an attack of 21.00.

The daily chart shows a modest bullish bias that will likely remain in place while above 20.20. A weekly close below 20.10 (20-WMA) should strengthen the Mexican peso.

USD/MXN daily chart

USD/MXN

Overview
Today last price	20.6127
Today Daily Change	-0.0503
Today Daily Change %	-0.24
Today daily open	20.663

Trends
Daily SMA20	20.415
Daily SMA50	20.3137
Daily SMA100	20.1605
Daily SMA200	20.2017

Levels
Previous Daily High	20.6929
Previous Daily Low	20.4528
Previous Weekly High	20.9794
Previous Weekly Low	20.3144
Previous Monthly High	20.9034
Previous Monthly Low	20.1193
Daily Fibonacci 38.2%	20.6012
Daily Fibonacci 61.8%	20.5445
Daily Pivot Point S1	20.5129
Daily Pivot Point S2	20.3628
Daily Pivot Point S3	20.2729
Daily Pivot Point R1	20.753
Daily Pivot Point R2	20.843
Daily Pivot Point R3	20.9931

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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