USD/MXN Price Analysis: Rises to test resistance, more gains likely above 22.80

Ahead of Banxico, after the earthquake and amid risk aversion, USD/MXN still remains sideways around 22.50.
Bias favors bullish breakout, a barrier around 22.80/22.90 is being tested.

Matías Salord FXStreet

The USD/MXN is trading near the top of a range that has been in place since last week. Price has been moving around 22.50, unable to move away from that level, without a clear bias.

On Thursday, boosted by risk aversion, the pair is about to test the 22.75/80 resistance. A break higher would target the June high at 22.94. A consolidation above 22.80 would clear the way to 23.20 (horizontal level / 55-day moving average).

If USD/MXN remains below 22.80, the range will stay in place. The critical support is seen at the band 22.15/25 that includes the 20-day moving average.

USD/MXN daily chart

Technical levels

USD/MXN

Overview
Today last price	22.7003
Today Daily Change	0.2818
Today Daily Change %	1.26
Today daily open	22.4185

Trends
Daily SMA20	22.1647
Daily SMA50	23.2144
Daily SMA100	22.315
Daily SMA200	20.7391

Levels
Previous Daily High	22.6766
Previous Daily Low	22.2853
Previous Weekly High	22.829
Previous Weekly Low	21.8925
Previous Monthly High	24.8895
Previous Monthly Low	22.0047
Daily Fibonacci 38.2%	22.4348
Daily Fibonacci 61.8%	22.5271
Daily Pivot Point S1	22.2437
Daily Pivot Point S2	22.0689
Daily Pivot Point S3	21.8524
Daily Pivot Point R1	22.6349
Daily Pivot Point R2	22.8514
Daily Pivot Point R3	23.0262

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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