• The Mexican peso posts its biggest weekly gain, 2.39%.
  • Market sentiment is mixed; the greenback rallies but falls vs. risk-sensitive currencies.
  • USD/MXN Price Forecast: Neutral, but a daily close under the 200-DMA would expose the pair under downward pressure.

The Mexican peso extends its weekly rally gains 2.39% vs. the US Dollar, despite a mixed market mood, on Friday’s New York session. At the time of writing, the USD/MXN is trading at 20.4218.

European and US equity markets fluctuate between gainers and losers. At the same time, the greenback remains bid, with the US Dollar Index, a gauge of the greenback’s value against a basket of peers, is up 0.34%, sitting at 98.31, faltering of weighing on the USD/MXN pair.

Overnight, the USD/MXN pair was subdued in the 20.50 area, without much movement, though as the North American session began, the pair drooped through European session lows around 20.4646, towards lows 20.40s area.

USD/MXN Price Forecast: Technical outlook

The USD/MXN is neutral biased and is probing the 200-day moving average (DMA), sitting at 20.4125. The Relative Strength Index (RSI) is at 41.50, beneath the 50-midline, aiming lower, suggesting the USD/MXN might be moving towards the February 23 YTD low at 20.1558, but it would find some hurdles on the way south.

If that scenario plays out, the USD/MXN’s first support would be the 200-DMA. Breach of the latter would expose 20.3117, which once cleared would pave the way towards February 23 daily low at 20.1558.

Upwards, the USD/MXX first resistance would be the 20.50 mark. A decisive break would expose the 50-DMA at 20.5667, followed by January 28 daily high at 20.9130 and then 21.00.

USD/MXN

Overview
Today last price 20.4051
Today Daily Change -0.1173
Today Daily Change % -0.57
Today daily open 20.5224
 
Trends
Daily SMA20 20.6893
Daily SMA50 20.5778
Daily SMA100 20.7145
Daily SMA200 20.4211
 
Levels
Previous Daily High 20.6666
Previous Daily Low 20.4988
Previous Weekly High 21.4682
Previous Weekly Low 20.8467
Previous Monthly High 20.7904
Previous Monthly Low 20.1571
Daily Fibonacci 38.2% 20.5629
Daily Fibonacci 61.8% 20.6025
Daily Pivot Point S1 20.4586
Daily Pivot Point S2 20.3948
Daily Pivot Point S3 20.2908
Daily Pivot Point R1 20.6264
Daily Pivot Point R2 20.7304
Daily Pivot Point R3 20.7942

 

 

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