USD/MXN Price Analysis: Bearish bias while under 20.20

USD/MXN remains above 19.90 but faces pressure.
More losses seem likely while under 20.20.

Matías Salord FXStreet

The USD/MXN is modestly higher on Friday, but it remains under 20.00. The pair found support above 19.80 and rebounded. The move higher so far shows the lack of strength, keeping the bias in favor of the Mexican peso.

A consolidation under 19.90 should clear the way for a test of the 19.80 area. A break lower would expose 19.70 an even stronger support area that protects 19.50.

A recovery above 20.00 could point to more gains and a test of 20.17, where the 20- and 100-day Simple Moving Averages converge. A daily close above 20.25 should trigger more gains, shifting the short-term outlook from bearish to neutral/bullish.

From a wider perspective, USD/MXN continues to trade in the 19.50/21.50 range as has been the case since November 2020. A weekly close above 21.00 could suggest a test of 21.50.

USD/MXN Daily chart

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.

EUR/USD off highs, back to 1.1850

EUR/USD loses some upside momentum, returning to the 1.1850 region amid humble losses. The pair’s slight decline comes against the backdrop of a marginal advance in the US Dollar as investors continue to assess the latest US CPI readings.

GBP/USD advances to daily tops around 1.3650

GBP/USD now manages to pick up extra pace, clinching daily highs around 1.3650 and leaving behind three consecutive daily pullbacks on Friday. Cable’s improved sentiment comes on the back of the inconclusive price action of the Greenback, while recent hawkish comments from the BoE’s Pill also collaborates with the uptick.

Gold surpasses $5,000/oz, daily highs

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The yellow metal’s upside is also propped up by the lack of clear direction around the US Dollar post-US CPI release.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.