USD/MXN Technical Analysis: Mexican peso recovers but eyes remains on 20.00 and key dynamic resistance

The Mexican peso recovered ground on Monday and ended unchanged against the US Dollar but the chart shows the bullish pressure still remains in place.
The USD/MXN pair rose from 19.70 on Thursday to 20.12 on Monday, the highest level since December. After reaching a key long-term dynamic resistance pulled back under 20.00. The reversal has been significant but not yet enough to show a change in the short-term trend.

Matías Salord FXStreet

The bias still points to the upside and if it rises back above 20.00 a test of the key trendline around 20.10 seems likely. Above the next level is seen at 20.20 and then 20.50.
On the flip side, the two key supports might lie at 19.75 and 19.50. Below the last on the bias would start favoring the downside. The key level here comes at 18.90, a medium-term uptrend line.

USD/MXN weekly chart

USD/MXN

Overview
Today last price	19.892
Today Daily Change	-0.0252
Today Daily Change %	-0.13
Today daily open	19.9172

Trends
Daily SMA20	19.5222
Daily SMA50	19.256
Daily SMA100	19.1755
Daily SMA200	19.3393

Levels
Previous Daily High	19.9389
Previous Daily Low	19.757
Previous Weekly High	19.9389
Previous Weekly Low	19.6075
Previous Monthly High	19.3628
Previous Monthly Low	18.8643
Daily Fibonacci 38.2%	19.8694
Daily Fibonacci 61.8%	19.8265
Daily Pivot Point S1	19.8032
Daily Pivot Point S2	19.6892
Daily Pivot Point S3	19.6213
Daily Pivot Point R1	19.985
Daily Pivot Point R2	20.0529
Daily Pivot Point R3	20.1669

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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