USD/MXN Technical Analysis: Outlook for Mexican peso improves after recovery from 5-month lows

The USD/MXN hit earlier today at 20.65, the highest level since June but then pulled back making a reversal. The momentum indicator turned to the downside and price dropped to test the 20-day moving average, showing lack of strength so far for a move above 20.65.
A daily close above 20.50 could reinforce the bullish trend, but a breakout on top of 20.65 is needed to open the doors to further gains.
After today’s reversal and the failure at 20.60, the Mexican peso could recover further, particularity if the pair drops firmly under 20.35 (20-day moving average). The next support to watch is 20.20; below the 20.00 area would be exposed.
The main trend still points to the upside in USD/MXN, but the US dollar positive tone in the short-term eased after today’s reversal, and now the bias is skewed toward an extension of the bearish correction.

Matías Salord FXStreet

USD/MXN Daily Chart

USD/MXN

Overview:
    Today Last Price: 20.3748
    Today Daily change %: -0.657%
    Today Daily Open: 20.5096
Trends:
    Previous Daily SMA20: 20.349
    Previous Daily SMA50: 19.724
    Previous Daily SMA100: 19.3117
    Previous Daily SMA200: 19.2546
Levels:
    Previous Daily High: 20.6183
    Previous Daily Low: 20.417
    Previous Weekly High: 20.6355
    Previous Weekly Low: 20.156
    Previous Monthly High: 20.6355
    Previous Monthly Low: 19.576
    Previous Daily Fibonacci 38.2%: 20.4939
    Previous Daily Fibonacci 61.8%: 20.5414
    Previous Daily Pivot Point S1: 20.4117
    Previous Daily Pivot Point S2: 20.3137
    Previous Daily Pivot Point S3: 20.2103
    Previous Daily Pivot Point R1: 20.613
    Previous Daily Pivot Point R2: 20.7163
    Previous Daily Pivot Point R3: 20.8143

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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