USD/MXN Technical analysis: Dollar rebounds from key technical support, MXN rally over?

The Mexican peso holds a bullish tone against the US Dollar, but it lost strength on Monday.
USD/MXN rebounds from lowest in almost three months.

Matías Salord FXStreet

The USD/MXN pair bottomed earlier today at 19.01, the lowest intraday level since July 31, and then rebounded. It is trading around 19.10, having the best performance in four weeks.

Price bounced to the upside near a critical support area: 19.00, and two long-term bullish trendlines. A consolidation below 19.00 would clear the way to more losses and expose 2019 lows near 18.75.

The rebound from such a strong barrier could favor further gains ahead for the Greenback. The next resistance is located at 19.15/20 followed by the key 19.30 (horizontal level / 20-day moving average). If the pair drops back toward 19.00 before the end of the day it would suggest the Mexican peso remains strong.

USD/MXN daily chart

USD/MXN

Overview
Today last price	19.0731
Today Daily Change	0.0119
Today Daily Change %	0.06
Today daily open	19.0612

Trends
Daily SMA20	19.3832
Daily SMA50	19.5691
Daily SMA100	19.3807
Daily SMA200	19.2608

Levels
Previous Daily High	19.1455
Previous Daily Low	19.0287
Previous Weekly High	19.19
Previous Weekly Low	19.0287
Previous Monthly High	20.1651
Previous Monthly Low	19.3208
Daily Fibonacci 38.2%	19.0733
Daily Fibonacci 61.8%	19.1009
Daily Pivot Point S1	19.0114
Daily Pivot Point S2	18.9617
Daily Pivot Point S3	18.8946
Daily Pivot Point R1	19.1282
Daily Pivot Point R2	19.1953
Daily Pivot Point R3	19.245

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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