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USD/MXN Technical Analysis: Mexican peso remains strong and testing 19.00

  • The USD/MXN continues to decline despite some extreme readings. Currently testing the 18.85/19.00 support area:  a break lower would clear the way for a slide to the next support at 18.85 followed by the strong 18.70. 
  • The daily chart shows the RSI below 30 for the first time since 2012, showing how far has the Mexican peso rallied. 
  • A modest recovery of the US dollar should be seen as normal. It could extend to 19.40 without changing the bearish bias. 

USD/MXN Daily Chart

USD/MXN

  • The weekly chart shows price testing a long-term trendline. A close significantly below the current level would point to further weakness while if it holds on top, a rebound could take place during the next weeks. 
  • USD/MXN Weekly Chart

 

USD/MXN

Overview:
    Today Last Price: 18.9626
    Today Daily change: -4.1e+2 pips
    Today Daily change %: -0.217%
    Today Daily Open: 19.0039
Trends:
    Previous Daily SMA20: 19.5562
    Previous Daily SMA50: 19.9985
    Previous Daily SMA100: 19.5892
    Previous Daily SMA200: 19.4316
Levels:
    Previous Daily High: 19.0889
    Previous Daily Low: 18.952
    Previous Weekly High: 19.4765
    Previous Weekly Low: 19.0597
    Previous Monthly High: 20.658
    Previous Monthly Low: 19.607
    Previous Daily Fibonacci 38.2%: 19.0043
    Previous Daily Fibonacci 61.8%: 19.0366
    Previous Daily Pivot Point S1: 18.941
    Previous Daily Pivot Point S2: 18.878
    Previous Daily Pivot Point S3: 18.804
    Previous Daily Pivot Point R1: 19.0779
    Previous Daily Pivot Point R2: 19.1519
    Previous Daily Pivot Point R3: 19.2148

 

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