USD/MXN Price Analysis: Strong rebound above 20.00, eyes on the 100-SMA

Mexican peso among worst performers on Tuesday.
USD/MXN breaks above 20.00 and extends the rally.
Outlook points to further gains for the USD while above 20.05.

Matías Salord FXStreet

The USD/MXN broke above 20.00/05 a few hours ago and jumped to 20.16, reaching the highest level since June 4. It is hovering near the top with the bullish tone intact, despite overbought readings in very short-term technical indicators.

The US dollar is rising for the third consecutive day, consolidating above the 20-day moving average and now looking to the 20.20 resistance area and the 100-day SMA at 20.23.

The area around 20.20/25 is the next critical resistance that should limit the upside, favoring a rebound. A break higher would suggest more gains ahead for 20.30. A daily close above 20.30 should clear the way to more gains, targeting 20.50.

If the USD/MX drops back under 20.00/05, the bullish pressure will ease. A daily close under 19.90 should put the bias in favor of the Mexican peso, while under 19.80, the next level is the recent low around 19.60.

Technical levels

USD/MXN

Overview
Today last price	20.1388
Today Daily Change	0.1784
Today Daily Change %	0.89
Today daily open	19.9604

Trends
Daily SMA20	19.8934
Daily SMA50	19.9707
Daily SMA100	20.2401
Daily SMA200	20.424

Levels
Previous Daily High	19.9803
Previous Daily Low	19.8385
Previous Weekly High	20.0023
Previous Weekly Low	19.5983
Previous Monthly High	20.3286
Previous Monthly Low	19.7191
Daily Fibonacci 38.2%	19.9262
Daily Fibonacci 61.8%	19.8927
Daily Pivot Point S1	19.8725
Daily Pivot Point S2	19.7846
Daily Pivot Point S3	19.7307
Daily Pivot Point R1	20.0143
Daily Pivot Point R2	20.0682
Daily Pivot Point R3	20.1562

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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