USD/MXN Price Analysis: Resistance at 20.65/70 keep upside limited

Mexican peso holds a negative bias versus US dollar.
USD/MXN moving in a new higher range biased to the upside.
The area around 20.65/70 keeps the upside limited.

Matías Salord FXStreet

The USD/MXN is rising on Monday after a pullback on Friday. The cross is approaching last week high at 20.72. More importantly, it is testing the 20.65/70 resistance area. A break higher should clear the way to more gains.

The bias points to the upside in USD/MXN. Currently, is it moving in a range between 20.45 and 20.70. A slide below 20.45 should clear the way for an extension toward 20.30. Below the net support stands around 20.13/18 that contains the 100 and 200 moving average.

On the upside, the 20.65/70 area capped the rally so far. A daily close above 20.70 should expose the next key area of 20.85/90, the last defence to 21.00.

USD/MXN daily chart

USD/MXN

Overview
Today last price	20.6657
Today Daily Change	0.1358
Today Daily Change %	0.66
Today daily open	20.5299

Trends
Daily SMA20	20.4246
Daily SMA50	20.3258
Daily SMA100	20.1677
Daily SMA200	20.2037

Levels
Previous Daily High	20.7254
Previous Daily Low	20.4504
Previous Weekly High	20.7254
Previous Weekly Low	20.2514
Previous Monthly High	20.9034
Previous Monthly Low	20.1193
Daily Fibonacci 38.2%	20.5554
Daily Fibonacci 61.8%	20.6203
Daily Pivot Point S1	20.4118
Daily Pivot Point S2	20.2936
Daily Pivot Point S3	20.1368
Daily Pivot Point R1	20.6867
Daily Pivot Point R2	20.8435
Daily Pivot Point R3	20.9617

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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