USD/MXN Price Analysis: Upside limited while below 20.05

Mexican peso continues to trade sideways, bearish risk rises.
USD/MXN testing the 20.05 area, supported by uptrend line.

Matías Salord FXStreet

The USD/MXN is rising again on Tuesday on the back of a stronger US dollar across the board. Gains are likely to remain limited as longs price continues to be unable to hold firm above 20.05. The area around 20.05 contains a horizontal resistance and also the 20-day moving average.

A break above 20.05 should point to more gains, with the target at 20.20, the 100-day moving average. The next resistance is located at 20.30.

The bias in the short-term is neutral. Technical indicators are biased modestly to the upside. A break under the 19.80 area (uptrend line) would change the bias to bearish, exposing the June low at 19.59.

USD/MXN daily chart

USD/MXN

Overview
Today last price	19.988
Today Daily Change	0.1381
Today Daily Change %	0.70
Today daily open	19.8499

Trends
Daily SMA20	20.0574
Daily SMA50	19.9832
Daily SMA100	20.2086
Daily SMA200	20.2657

Levels
Previous Daily High	20.0124
Previous Daily Low	19.8304
Previous Weekly High	20.1621
Previous Weekly Low	19.7638
Previous Monthly High	20.7488
Previous Monthly Low	19.5983
Daily Fibonacci 38.2%	19.8999
Daily Fibonacci 61.8%	19.9429
Daily Pivot Point S1	19.7827
Daily Pivot Point S2	19.7155
Daily Pivot Point S3	19.6007
Daily Pivot Point R1	19.9647
Daily Pivot Point R2	20.0796
Daily Pivot Point R3	20.1468

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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