USD/MXN tumbles to 19.30 support area, heads for lowest weekly close since July

  • Mexican Peso keeps rising versus the US Dollar but lags other emerging-market currencies. 
  • USD/MXN falls below the critical 20-week moving average. 

The USD/MXN pair dropped sharply on Friday and extended weekly losses, on the back of a weaker US Dollar across the board. From the level it had a week ago is 1% lower and on its way to the lowest weekly close in ten weeks. 

Price yesterday broke below the 19.45/50 critical support and today it reached the next one at 19.30. It bottomed at 19.27 and quickly bounced back above 19.30. Near the end of the session it is hovering around 19.35, below the 20-week moving average that stands at 19.42. The weekly chart points to further losses but the 19.30 support should hold for the moment. 

The sharp decline of the US Dollar amid risk appetite was the key factor behind the USD/MXN move. The improvement in market sentiment amid expectation about a deal between the US and China and also following the latest Brexit headlines triggered the demand for emerging-market currencies; among those, the South African Rand rose the most over the week. 

“Markets were very volatile during the week, with investors focused on how U.S.-China trade talks and Brexit negotiations evolve. Market volatility (VIX) hit levels above 20 but retreated to 16 as optimism about a potential trade deal rose towards the end of the week. Increased prospects of a limited U.S.-China trade deal underpinned the risk-on mood, with equity indices rallying, led by cyclicals, while safe-haven assets declined”, explained BBVA analysts. 



Today last price 19.3355
Today Daily Change -0.1148
Today Daily Change % -0.59
Today daily open 19.4503
Daily SMA20 19.5558
Daily SMA50 19.6481
Daily SMA100 19.4056
Daily SMA200 19.2596
Previous Daily High 19.6403
Previous Daily Low 19.4354
Previous Weekly High 19.8623
Previous Weekly Low 19.4927
Previous Monthly High 20.1651
Previous Monthly Low 19.3208
Daily Fibonacci 38.2% 19.5137
Daily Fibonacci 61.8% 19.562
Daily Pivot Point S1 19.377
Daily Pivot Point S2 19.3038
Daily Pivot Point S3 19.1721
Daily Pivot Point R1 19.5819
Daily Pivot Point R2 19.7136
Daily Pivot Point R3 19.7868



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD rebounds after dismal US PMIs

EUR/USD is trading closer to 1.0850, rising in response to weak US PMIs, with the services one pointing to contraction. Earlier, German Manufacturing PMI beat estimates. 


GBP/USD advances to 1.2950 after US data

GBP/USD is trading around 1.2950, taking advantage of US weakness stemming from a downfall in Markit's Services PMI in the US. In Britain, the Manufacturing PMI exceeded estimates. 


Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Consolidation process underway

The Crypto board continues to be immersed in an emotional leg-breaking, consistently punishing the emotional state of the traders with its continuous changes of direction.

Read more

XAU/USD unstoppable, breaks to fresh 2020 highs, approaching $1650/oz

XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs) while breaking above a bull channel. Gold is printing fresh 2020 highs hitting $1646.64 per ounce on an intraday basis.  

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info