USD/MXN recovers modestly from two-month lows, remains under 22.00


  • Mexican peso continues to appreciate in June amid risk appetite.
  • USD/MXN confirms break below 22.00 and weakens further.

The USD/MXN reached the lowest since March 16 at 21.56 and then rebounded modestly rising to the 21.80 area. Despite moving off lows, the pair is about to post the lowest close in almost two months.

Risk appetite continues to push USD/MXN to the downside. The Mexican peso rose for the fourth time in a row versus the greenback. The US dollar dropped against most of its rivals, however, the yen was the worst performer hit by the ongoing improvement in market sentiment.

Among emerging market currencies, the Brazilian real outperform on Tuesday after Monday’s slide. The Colombia peso also rose sharply, gaining almost 2% versus the US dollar.

USD/MXN: Next target 21.30?

The pair is hovering around the 100-day moving average, after trading below for the first since February. The negative bias remains in place, although the extreme oversold readings warn about some correction or a slowdown in the rally of the Mexican peso.

The next support in USD/MXN stands at 21.60 and a consolidation below would likely target 21.30 (horizontal support and also the 62.8% Fibonacci retracement of the recent rally that started in February.

On the upside, a correction could find resistance at 22.00 and above at 22.20 (50% retracement) and 22.50.

USD/MXN

Overview
Today last price 21.7494
Today Daily Change -0.2808
Today Daily Change % -1.27
Today daily open 22.0302
 
Trends
Daily SMA20 23.3049
Daily SMA50 23.7858
Daily SMA100 21.7718
Daily SMA200 20.5444
 
Levels
Previous Daily High 22.2833
Previous Daily Low 21.9324
Previous Weekly High 22.7717
Previous Weekly Low 22.0047
Previous Monthly High 24.8895
Previous Monthly Low 22.0047
Daily Fibonacci 38.2% 22.0664
Daily Fibonacci 61.8% 22.1493
Daily Pivot Point S1 21.8807
Daily Pivot Point S2 21.7311
Daily Pivot Point S3 21.5298
Daily Pivot Point R1 22.2316
Daily Pivot Point R2 22.4329
Daily Pivot Point R3 22.5825

 

 

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