USD/MXN Price Analysis: Bouncing from key support, more gains above 20.00

Mexican peso consolidates recent gains versus US dollar, unable to break under 19.80.
USD/MXN likely to extend gains with a break above 20.00.

Matías Salord FXStreet

The USD/MXN is trading flat in Tuesday, after bouncing again from near the 19.80 area. The mentioned level has become a key support zone; a daily close below would clear the way to more losses, targeting 19.70. If the decline continues, the focus would turn to the 19.50 zone.

Around 19.98, the 20 and 55-day moving averages are seen. A break higher and if confirmed with a close above 20.00, would alleviate the bearish pressure, suggesting more gains ahead. The next relevant obstacle is located around 20.25.

In the short-term, technical indicators offer mixed signs and the key SMA are flat. The failure to break 19.80 should favor a correction to the upside. A weekly close above 20.15 should warn about a potential rally to 20.60, while under 19.70, to 19.45.

USD/MXN daily chart

USD/MXN

Overview
Today last price	19.8984
Today Daily Change	-0.0080
Today Daily Change %	-0.04
Today daily open	19.9064

Trends
Daily SMA20	19.9806
Daily SMA50	19.9895
Daily SMA100	20.0781
Daily SMA200	20.1742

Levels
Previous Daily High	19.9288
Previous Daily Low	19.8037
Previous Weekly High	20.1648
Previous Weekly Low	19.8004
Previous Monthly High	20.2515
Previous Monthly Low	19.7458
Daily Fibonacci 38.2%	19.881
Daily Fibonacci 61.8%	19.8515
Daily Pivot Point S1	19.8305
Daily Pivot Point S2	19.7545
Daily Pivot Point S3	19.7054
Daily Pivot Point R1	19.9556
Daily Pivot Point R2	20.0047
Daily Pivot Point R3	20.0807

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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