USDMXN Price Analysis: Mexican Peso firm below 19.50

USDMXN is bearish despite extreme oversold readings.
The next target is seen at the 19.20/25 support area.
Recovery above 19.50 to alleviate bearish pressure.

Matías Salord FXStreet

The USDMXN is trading at 19.46, after matching the lowest intraday level since March 2020. Earlier on Tuesday, it rose to 19.50 but then turned to the downside amid a sharp decline of the US Dollar across the board, on US Election Day and ahead of US and Mexico inflation data. On Thursday, Banxico will decide on monetary policy.

The USDMXN is looking comfortable below 19.50, holding a solid negative bias and with the doors open to more losses even as technical indicators in the daily chart show oversold conditions. Below 19.42, the next barrier is seen around 19.20/25 which if reached could trigger a rebound.

The greenback needs to recover firm above 19.50 to alleviate the bearish pressure and point to some consolidation ahead, most likely between 19.50 and 19.70. If the move extends to levels above 19.80, it would suggest a return to the 19.80-20.00 range.

USDMXN daily chart

USD/MXN

Overview
Today last price	19.45
Today Daily Change	0.0034
Today Daily Change %	0.02
Today daily open	19.4466

Trends
Daily SMA20	19.8728
Daily SMA50	19.9859
Daily SMA100	20.1339
Daily SMA200	20.1836

Levels
Previous Daily High	19.5784
Previous Daily Low	19.4321
Previous Weekly High	19.9193
Previous Weekly Low	19.4591
Previous Monthly High	20.177
Previous Monthly Low	19.785
Daily Fibonacci 38.2%	19.488
Daily Fibonacci 61.8%	19.5225
Daily Pivot Point S1	19.393
Daily Pivot Point S2	19.3394
Daily Pivot Point S3	19.2468
Daily Pivot Point R1	19.5393
Daily Pivot Point R2	19.6319
Daily Pivot Point R3	19.6855

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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