USD/MXN tumbles and hits six-weeks lows below 21.00

Mexican peso among the top performs during the American session.
USD/MXN breaks key support ending day of consolidation.

Matías Salord FXStreet

The USD/MXN opened the day extending Friday’s slide and it was able to make a clear break under 22.20, a critical support. It tumbled to 21.96, reaching the lowest level since June 16.

As of writing, the pair is hovering around slightly below 22.00, with the negative momentum intact. On the downside, the next support is seen around 21.90, followed by the June low at 21.45.

A weaker US dollar was the key driver in USD/MXN decline. The greenback remains under pressure across the board while the Mexican peso, supported by technical factors, outperform during the American session.

Market participants ignored economic data from the US. The US Dollar Index (DXY) is falling 0.85%, trading at 93.64, the lowest since June 2018. The greenback is falling, even as Wall Street equity prices show no significant changes. Crude oil prices are also flat.

Technical levels

USD/MXN

Overview
Today last price	22.0161
Today Daily Change	-0.2695
Today Daily Change %	-1.21
Today daily open	22.2856

Trends
Daily SMA20	22.5551
Daily SMA50	22.477
Daily SMA100	23.1369
Daily SMA200	21.0958

Levels
Previous Daily High	22.6242
Previous Daily Low	22.2444
Previous Weekly High	22.7171
Previous Weekly Low	22.1864
Previous Monthly High	23.2298
Previous Monthly Low	21.4609
Daily Fibonacci 38.2%	22.3895
Daily Fibonacci 61.8%	22.4791
Daily Pivot Point S1	22.1453
Daily Pivot Point S2	22.0049
Daily Pivot Point S3	21.7655
Daily Pivot Point R1	22.5251
Daily Pivot Point R2	22.7645
Daily Pivot Point R3	22.9049

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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