USD/MXN Price Analysis: Retreats to near 17.16 before immediate support at seven-day EMA

USD/MXN could find immediate support at the seven-day EMA at 17.13 followed by the weekly low at 17.04.
Technical analysis suggests a confirmation of the bullish sentiment towards an upward trend.
The key resistance appears around the 23.6% Fibonacci retracement at 17.18 followed by the major support at 17.50 level.

Akhtar Faruqui FXStreet

USD/MXN snaps the recent gains and edges lower to near 17.16 during the European hours on Wednesday. The immediate support appears at the seven-day Exponential Moving Average (EMA) at the 17.13 level.

A break below the latter could put pressure on the USD/MXN pair to navigate the major support region around the weekly low at 17.04 aligned with the major level and February’s low at 17.00 level.

The 14-day Relative Strength Index (RSI), a momentum oscillator that measures the speed and change of price movements is positioned above the 50 mark, indicating the bullish momentum for the USD/MXN pair.

Additionally, Additionally, the lagging indicator “Moving Average Convergence Divergence (MACD)” lies above the centerline and the signal line, which suggests a confirmation of a bullish sentiment towards an upward trend.

On the upside, the USD/MXN pair could find the immediate resistance at the 23.6% Fibonacci retracement at 17.18 followed by the 38.2% Fibonacci retracement at 17.43, in conjunction with the major support at the 17.50 level. A breakthrough above the major barrier could lead the USD/MXN pair to explore the area around the 17.60 level.

USD/MXN: Daily Chart

USD/MXN: additional technical levels

Overview
Today last price	17.1638
Today Daily Change	-0.0330
Today Daily Change %	-0.19
Today daily open	17.1968

Trends
Daily SMA20	17.1561
Daily SMA50	17.1085
Daily SMA100	17.4048
Daily SMA200	17.297

Levels
Previous Daily High	17.2288
Previous Daily Low	17.0509
Previous Weekly High	17.2807
Previous Weekly Low	17.0078
Previous Monthly High	17.3871
Previous Monthly Low	16.7842
Daily Fibonacci 38.2%	17.1609
Daily Fibonacci 61.8%	17.1189
Daily Pivot Point S1	17.0889
Daily Pivot Point S2	16.981
Daily Pivot Point S3	16.911
Daily Pivot Point R1	17.2668
Daily Pivot Point R2	17.3368
Daily Pivot Point R3	17.4447

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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