USD/MXN Price Analysis: Sixth consecutive daily decline, Mexican peso approaches a key short-term line


  • Mexican peso remains among the top performers of the week.
  •  USD/MXN testing the 19.95 area, looking at uptrend line.

The USD/MXN is falling on Wednesday, before the FOMC statement, for the sixth consecutive day. It is hovering below the 19.97 zone that contains the 20 and 55-day moving average. A daily close around the current level would open the doors for a test of an uptrend line from June lows, currently at 19.88.

Price is near strong support areas that could prompt a recovery of the dollar. However, a slide under 19.88 would expose the next support areas at 19.80 and 19.70. Technical indicators point to the downside, particularly if it holds under 19.95. Momentum (daily) is breaking under 100 and the RSI is flat around 50.

A recovery above 20.05 would alleviate the bearish pressure while a consolidation north of 20.10 should strengthen the greenback for a test of the 200-day moving average (20.19).

USD/MXN daily chart

usdmxn

USD/MXN

Overview
Today last price 19.9265
Today Daily Change -0.0512
Today Daily Change % -0.26
Today daily open 19.9777
 
Trends
Daily SMA20 19.981
Daily SMA50 19.9905
Daily SMA100 20.111
Daily SMA200 20.1958
 
Levels
Previous Daily High 20.1389
Previous Daily Low 19.9482
Previous Weekly High 20.2515
Previous Weekly Low 19.8733
Previous Monthly High 20.7488
Previous Monthly Low 19.5983
Daily Fibonacci 38.2% 20.021
Daily Fibonacci 61.8% 20.066
Daily Pivot Point S1 19.9043
Daily Pivot Point S2 19.8309
Daily Pivot Point S3 19.7136
Daily Pivot Point R1 20.095
Daily Pivot Point R2 20.2123
Daily Pivot Point R3 20.2857

 

 

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