USD/MXN Price Analysis: Mexican Peso sellers inch closer to taking control, focus on 17.10 and US data


  • USD/MXN seesaws at three-week high, challenges multi-day-old bearish channel formation.
  • Clear break of 21-DMA, upbeat oscillators favor Mexican Peso sellers.
  • 50-DMA acts as additional check for USD/MXN bulls.

USD/MXN bulls keep the reins for the fourth consecutive day despite the early Asian session inaction on Thursday, making rounds to 17.05 at the latest. In doing so, the Mexican Peso (MXN) pair prods the top line of a downward-sloping trend channel established since May 16, 2023.

Also read: Forex Today: Dollar stays firm as upbeat US jobs data offsets credit downgrade

USD/MXN pair’s first daily closing beyond the 21-DMA in a month joins the bullish MACD signals and upbeat RSI (14) line, not overbought, to add strength to the upside bias surrounding the pair.

However, a clear break of the stated channel’s top line won’t be enough for the USD/MXN bulls as the 50-DMA acts as an extra check around 17.10.

In a case where the USD/MXN offers a daily closing beyond 17.10, its run-up towards the previous monthly high of near 17.40 can’t be ruled out. Following that, the 100-DMA hurdle of 17.58 will be in the spotlight.

Alternatively, pullback moves need to provide a daily close beneath the 21-DMA level of 16.90 to recall the USD/MXN sellers.

Even so, a three-week-old horizontal support zone around 16.70 and the latest multi-month low marked the last week near 16.62 can test the bears.

However, a clear break of 16.62 will make the USD/MXN pair vulnerable to slump toward the stated falling channel’s bottom line surrounding 16.40.

USD/MXN: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 17.0296
Today Daily Change 0.0056
Today Daily Change % 0.03%
Today daily open 17.024
 
Trends
Daily SMA20 16.8932
Daily SMA50 17.1306
Daily SMA100 17.5921
Daily SMA200 18.3413
 
Levels
Previous Daily High 17.08
Previous Daily Low 16.8336
Previous Weekly High 17.0097
Previous Weekly Low 16.6258
Previous Monthly High 17.3957
Previous Monthly Low 16.6258
Daily Fibonacci 38.2% 16.9859
Daily Fibonacci 61.8% 16.9277
Daily Pivot Point S1 16.8785
Daily Pivot Point S2 16.7329
Daily Pivot Point S3 16.6322
Daily Pivot Point R1 17.1248
Daily Pivot Point R2 17.2255
Daily Pivot Point R3 17.3711

 

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

USD/JPY grinds higher above 156.00 ahead of BoJ rate call

USD/JPY grinds higher above 156.00 ahead of BoJ rate call

USD/JPY attracts some dip-buying and advances above 156.00 on Friday amid some repositioning ahead of the key BoJ policy decision. The pair shrugs off hot Japan's core inflation. Trump-led risk-on mood undermines the safe-haven Japanese Yen, supportting USD/JPY. 

USD/JPY News
AUD/USD retakes 0.6300 amid Trump-led risk appetite

AUD/USD retakes 0.6300 amid Trump-led risk appetite

AUD/USD buyers re-attempt 0.6300 in Friday's Asian trading. US President Donald Trump said he would rather not have tariffs on China and lifted risk sentiment, boding well for the higher-yielding Aussie at the expense of the safe-havem US Dollar. The focus shifts to the top-tier US PMI data. 

AUD/USD News
Gold eyes more upside as focus shifts to US PMI data

Gold eyes more upside as focus shifts to US PMI data

Gold price regains poise and gears up for another run higher early Friday after taking a breather on Thursday. Gold buyers flirt with three-month highs near $2,760, awaiting some clarity on US President Donald Trump’s trade policies and the S&P Global preliminary US business PMI data.

Gold News
Bitcoin could resume rally as Trump signs executive order, calls US a Crypto and AI hub

Bitcoin could resume rally as Trump signs executive order, calls US a Crypto and AI hub

Bitcoin trades near $103,000 on Thursday, following President Donald Trump's executive order to create a Presidential Working Group on digital assets. The group will also oversee the feasibility of the US creating a national digital asset stockpile.

Read more
Federal Reserve set for an extended pause

Federal Reserve set for an extended pause

After 100bp of rate cuts the Fed has signalled it needs evidence of economic weakness and more subdued inflation prints to justify further policy loosening. President Trump’s low tax, light-touch regulation policies should be good news for growth.

Read more
Trusted Broker Reviews for Smarter Trading

Trusted Broker Reviews for Smarter Trading

VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures