USD/MXN Technical Analysis: Consolidating above critical area that supports bullish bias

The USD/MXN pair is rising today after falling during four days in-a-row on the back of a weaker US dollar. So far today, gains are limited and price remains above a key support level, supporting the bullish tone.
To the downside, the area between 19.25 and 19.30 is a crucial support: 20-day moving average, uptrend line, and horizontal level. A daily close significantly below would clear the way to more losses and potentially to a test of 19.00 and the medium-term uptrend seen at 18.97.
If the pair holds on top of 19.30, the bullish bias will remain in place. The US dollar needs to recover on top of 19.40 to gain momentum. The key resistance levels are seen at 19.45 and 19.60. Above 19.60 the next target is seen at 19.85.

Matías Salord FXStreet

USD/MXN Daily chart

USD/MXN 4 hour chart

Overview:
    Today Last Price: 19.342
Today Daily change %: 0.30%
    Today Daily Open: 19.2842
Trends:
    Daily SMA20: 19.2809
    Daily SMA50: 19.2013
    Daily SMA100: 19.658
    Daily SMA200: 19.4274
Levels:
    Previous Daily High: 19.3673
    Previous Daily Low: 19.2604
    Previous Weekly High: 19.6225
    Previous Weekly Low: 19.214
    Previous Monthly High: 19.4726
    Previous Monthly Low: 19.0168
    Daily Fibonacci 38.2%: 19.3012
    Daily Fibonacci 61.8%: 19.3265
    Daily Pivot Point S1: 19.2406
    Daily Pivot Point S2: 19.197
    Daily Pivot Point S3: 19.1337
    Daily Pivot Point R1: 19.3475
    Daily Pivot Point R2: 19.4109
    Daily Pivot Point R3: 19.4545

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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