USD/MXN Technical Analysis: Correction over?

Mexican peso losses strength in the market but manages to recover from daily losses against US dollar on Tuesday.
The USD/MXN rose 1.45% from yesterday low to today’s top at 18.99, before pulling back to 18.87. The retreat from the top shows that while the downside currently is limited, the correction has lost momentum. The main trend still points to the downside.
The pair was reversed below 19.00 and pulled back under 18.90, offering mix signals about the short-term future. The bearish momentum will likely intensify if the pair drops below 18.80 that would clear the way for a test of the critical support seen at 18.70/75.
On the upside, a consolidation above 18.95 would point to further strength and a daily close above 19.03 (20-day moving average) would signal that a bottom is in place.

Matías Salord FXStreet

USD/MXN Daily Chart

USD/MXN

Overview
Today last price	18.8722
Today Daily Change	0.0174
Today Daily Change %	0.09
Today daily open	18.8548

Trends
Daily SMA20	19.0519
Daily SMA50	19.1696
Daily SMA100	19.4112
Daily SMA200	19.3105

Levels
Previous Daily High	18.8988
Previous Daily Low	18.7448
Previous Weekly High	19.1297
Previous Weekly Low	18.7473
Previous Monthly High	19.6225
Previous Monthly Low	18.7464
Daily Fibonacci 38.2%	18.84
Daily Fibonacci 61.8%	18.8036
Daily Pivot Point S1	18.7668
Daily Pivot Point S2	18.6788
Daily Pivot Point S3	18.6128
Daily Pivot Point R1	18.9208
Daily Pivot Point R2	18.9868
Daily Pivot Point R3	19.0748

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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