USD/MXN Technical Analysis: Mexican peso points to a test of 19.00

The Mexican peso broke a key technical level and appears to be headed to further gains.
On Friday, the USD/MXN dropped below 19.20, leaving it vulnerable to more losses in the short-term and today it is trading under an uptrend line that stands at 19.10. A confirmation under that area would point to a test of 19.00 with the odds favoring a break lower. The next zone to watch is 18.85/87, YTD lows.
The US dollar needs to rise back above 19.20 to remove the intraday bearish bias, while under 19.30 the bearish outlook would remain intact.

Matías Salord FXStreet

USD/MXN Daily Chart

USD/MXN

Overview:
    Today Last Price: 19.0702
    Today Daily change: -0.1391 pips
    Today Daily change %: -0.72%
    Today Daily Open: 19.2093
Trends:
    Daily SMA20: 19.2816
    Daily SMA50: 19.1912
    Daily SMA100: 19.6548
    Daily SMA200: 19.4162
Levels:
    Previous Daily High: 19.3201
    Previous Daily Low: 19.1846
    Previous Weekly High: 19.5204
    Previous Weekly Low: 19.1846
    Previous Monthly High: 19.4726
    Previous Monthly Low: 19.0168
    Daily Fibonacci 38.2%: 19.2363
    Daily Fibonacci 61.8%: 19.2683
    Daily Pivot Point S1: 19.1559
    Daily Pivot Point S2: 19.1024
    Daily Pivot Point S3: 19.0203
    Daily Pivot Point R1: 19.2914
    Daily Pivot Point R2: 19.3735
    Daily Pivot Point R3: 19.427

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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