USD/MXN Price Analysis: Rises to near 17.25 followed by the 38.2% Fibonacci retracement

USD/MXN could find resistance around the 38.2% Fibonacci retracement at 17.43.
MACD indicates a shift towards bullish momentum for the pair.
The 21-day EMA at 17.04 aligned with the psychological level at 17.00 could act as a key support region.

Akhtar Faruqui FXStreet

USD/MXN continues to gain ground for the third consecutive session on Wednesday, trading higher around 17.25 during the European session followed by the immediate resistance level around the 38.2% Fibonacci retracement at 17.43.

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 below the centerline but shows divergence above the signal line, which suggests a potential shift in momentum towards an upward trend.

A breakthrough above the Fibonacci retracement level could influence the USD/MXN pair to test the major level at 17.50 aligned with December’s high at 17.56. if the pair surpasses the latter, it could explore the psychological region around the 18.00 level.

On the downside, the 21-day Exponential Moving Average (EMA) at 17.04 could act as a key support level in conjunction with psychological support at 17.00. A break below the latter could influence the bears of the USD/MXN pair to revisit the weekly low at 16.84 level.

USD/MXN: Daily Chart

USD/MXN: additional levels to watch

Overview
Today last price	17.2649
Today Daily Change	0.0493
Today Daily Change %	0.29
Today daily open	17.2156

Trends
Daily SMA20	16.9797
Daily SMA50	17.1785
Daily SMA100	17.4213
Daily SMA200	17.3792

Levels
Previous Daily High	17.2389
Previous Daily Low	16.8766
Previous Weekly High	17.0643
Previous Weekly Low	16.7842
Previous Monthly High	17.5653
Previous Monthly Low	16.8611
Daily Fibonacci 38.2%	17.1005
Daily Fibonacci 61.8%	17.015
Daily Pivot Point S1	16.9818
Daily Pivot Point S2	16.748
Daily Pivot Point S3	16.6195
Daily Pivot Point R1	17.3442
Daily Pivot Point R2	17.4727
Daily Pivot Point R3	17.7065

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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