- Analytics
- News and Tools
- Market News
- USD/MXN Price Analysis: Mexican peso weakens, unable to break key support at 20.85
USD/MXN Price Analysis: Mexican peso weakens, unable to break key support at 20.85
- The Mexican peso holds steady versus the US dollar despite volatility.
- USD/MXN with a bearish bias, still holding above 20.852.
The USD/MXN holds a negative bias in the short-term but it needs to break the key short-term support at 20.85. A daily close below should open the doors to more losses, targeting 20.70 initially. An extension below could target the 20.50 zone.
So far, the Mexican peso has been unable to break firmly 20.85. It bottomed on Tuesday at 20.82, the lowest level since March 4 but quickly bounced to the upside amid a deterioration in market sentiment.
The first resistance is seen at 20.90, a downtrend line. Above, a test of 21.00 is expected. A break and a consolidation above 21.05 would add support to the dollar for an extension. The next strong barrier that should limit the upside is 21.30.
The main trend remains bullish but a daily close below 20.65 should turn the bias to neutral. Ahead of the FOMC meeting, with the war in Ukraine and global uncertainty, volatility is set to remain elevated.
USD/MXN daily chart
-637829568809906223.png)
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
