USD/MXN Price Analysis: Mexican peso recovers after another failure at 23.20

USD/MXN trend still points to the upside, but it is losing momentum
Correction limited by 23.00, a slide below would clear the way to more losses.

Matías Salord FXStreet

The USD/MXN reached a fresh monthly high on Tuesday at 23.22 and then pulled back to 22.95. The short-term bias point to the upside, but the momentum is fading, favoring a correction.

The pair again failed at the 23.20 area and also the 55-days simple moving average. A firm break above would target 23.50/55; the next resistance stands at 23.70.

A consolidation of USD/MXN below 23.00 would sign more losses ahead for a potential test the uptrend line, currently at 22.70 that should initially cap the downside. A break lower would negate the bullish outlook. As long as the pair remains above 23.00, another test of 23.20 seems likely.

USD/MXN 4-hour chart

USD/MXN

Overview
Today last price	22.9571
Today Daily Change	-0.1151
Today Daily Change %	-0.50
Today daily open	23.0722

Trends
Daily SMA20	22.3071
Daily SMA50	23.1303
Daily SMA100	22.4831
Daily SMA200	20.808

Levels
Previous Daily High	23.1984
Previous Daily Low	22.9314
Previous Weekly High	23.0771
Previous Weekly Low	22.2853
Previous Monthly High	24.8895
Previous Monthly Low	22.0047
Daily Fibonacci 38.2%	23.0964
Daily Fibonacci 61.8%	23.0334
Daily Pivot Point S1	22.9363
Daily Pivot Point S2	22.8003
Daily Pivot Point S3	22.6693
Daily Pivot Point R1	23.2033
Daily Pivot Point R2	23.3343
Daily Pivot Point R3	23.4703

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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