USD/MXN Price Analysis: Tests $18.65 as a falling wedge emerges

Long-term, the USD/MXN remains downward biased, as it got rejected at the 50-hour EMA.
USD/MXN, on an intraday basis, formed a falling wedge, suggesting that buyers are gathering momentum.

Christian Borjon Valencia FXStreet

The USD/MXN recovered some ground on Monday after last week’s Banxico decision to raise rates by 50 basis points (bps) interest rates to the 11% threshold spurred a bid in the Mexican Peso (MXN). At the time of writing, the USD/MXN exchanges hands at 18.6517, above its opening price by a slight margin of 0.03%.

From a daily chart perspective, the USD/MXN is still downward biased, as the daily moving averages (MAs) remain above the spot price. Even though the USD/MXN paired some of last Friday’s losses, the USD/MXN pair remains under selling pressure, and it could shift neutral if the USD/MXN breaks resistance at the 50-day Exponential Moving Average (EMA) at 19.0805.

Oscillators like the Relative Strength Index (RSI) point downwards and in bearish territory, so further downside is expected.

On an intraday basis, the USD/MXN 1-hour chart suggests the pair might consolidate in the 18.50-19.00 area, unable to crack support/resistance levels.

A falling wedge is forming as the pair bottoms at around the $18.60 area, which would exacerbate an upward move in the USD/MXN, though there are some key resistance levels that buyers need to battle, to lift the USD/MXN exchange rate towards $19.00.

A break above the 20-period Exponential Moving Average (EMA) at 18.6768 would send the USD/MXN pair toward 18.7336., which, once cleared, would open the door for further gains toward the 100-EMA at 18.7945 and the 200-EMA at 18.8273.

USD/MXN 1-Hour chart

USD/MXN Key technical levels

USD/MXN

Overview
Today last price	18.6457
Today Daily Change	-0.0119
Today Daily Change %	-0.06
Today daily open	18.6576

Trends
Daily SMA20	18.8225
Daily SMA50	19.2093
Daily SMA100	19.4759
Daily SMA200	19.8051

Levels
Previous Daily High	18.8318
Previous Daily Low	18.639
Previous Weekly High	19.2901
Previous Weekly Low	18.639
Previous Monthly High	19.5361
Previous Monthly Low	18.5663
Daily Fibonacci 38.2%	18.7127
Daily Fibonacci 61.8%	18.7582
Daily Pivot Point S1	18.5871
Daily Pivot Point S2	18.5167
Daily Pivot Point S3	18.3943
Daily Pivot Point R1	18.7799
Daily Pivot Point R2	18.9023
Daily Pivot Point R3	18.9727

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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