USD/MXN Technical Analysis: Mexican peso recovers modestly, pressure remains to the upside

Mexican peso recovered ground against US dollar ahead of the Banxico meeting and amid a correction of the greenback against emerging-market currencies on Wednesday. Still, the bearish pressure persists.
The rally of USD/MXN peaked at 20.59 and failed to post a daily close above 20.50, suggesting that it could consolidate around current levels and even could correct to 20.25, before bouncing back to the upside.
A consolidation above 20.50 would clear the way to 20.75 and above, attention would turn to 20.90, the last barrier before 21.00.
Bullish perspective for USD/MXN to remain intact while above 19.90.

Matías Salord FXStreet

USD/MXN - Daily Chart

Overview:
    Last Price: 20.3388
    Daily change: -0.668%
    Daily Open: 20.4755
Trends:
    Daily SMA20: 19.7883
    Daily SMA50: 19.2854
    Daily SMA100: 19.1397
    Daily SMA200: 19.1179
Levels:
    Daily High: 20.594
    Daily Low: 20.267
    Weekly High: 20.425
    Weekly Low: 19.5758
    Monthly High: 20.484
    Monthly Low: 18.5
    Daily Fibonacci 38.2%: 20.4691
    Daily Fibonacci 61.8%: 20.3919
    Daily Pivot Point S1: 20.297
    Daily Pivot Point S2: 20.1185
    Daily Pivot Point S3: 19.97
    Daily Pivot Point R1: 20.624
    Daily Pivot Point R2: 20.7725
    Daily Pivot Point R3: 20.951

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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