USD/MXN Technical Analysis: Recovery capped by 20.25, consolidation continues

Mexican peso recovers strength versus the US dollar.
USD/MXN back under 20-day moving average and below 20.00.

Matías Salord FXStreet

The USD/MXN dropped sharply on Tuesday, and the Mexican peso is holding fir to those gains. The pair dropped after being unable to break 20.25 and tumbled to the 19.80 area from where it rebounded.

Ahead of the FOMC decision, USD/MNX holds a modest bullish bias. It needs to rise back above 20.00 to gain more momentum. The critical resistance on the upside is now seen at 20.25. A daily close would suggest more gains ahead.

The main trend continues to be to the downside in USD/MXN. Recent signs about exhaustion on the move lower have diminished but not disappeared. Strong barriers are seen at 19.70 and then at 19.45/50. If the last one is reached over the next sessions, it could trigger a rebound.

USD/MXN daily chart

USD/MXN

Overview
Today last price	19.9538
Today Daily Change	0.0397
Today Daily Change %	0.20
Today daily open	19.9141

Trends
Daily SMA20	20.0247
Daily SMA50	20.5917
Daily SMA100	21.2477
Daily SMA200	22.2035

Levels
Previous Daily High	20.2638
Previous Daily Low	19.8937
Previous Weekly High	20.1945
Previous Weekly Low	19.7
Previous Monthly High	21.9797
Previous Monthly Low	19.9377
Daily Fibonacci 38.2%	20.0351
Daily Fibonacci 61.8%	20.1224
Daily Pivot Point S1	19.784
Daily Pivot Point S2	19.6538
Daily Pivot Point S3	19.4139
Daily Pivot Point R1	20.154
Daily Pivot Point R2	20.3939
Daily Pivot Point R3	20.5241

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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