- Analytics
- News and Tools
- Market News
- USD/MXN Price Analysis: Mexican peso about to test 2022 highs
USD/MXN Price Analysis: Mexican peso about to test 2022 highs
- Mexican peso rises versus the US dollar for the ninth time out of the last ten days.
- USD/MXN stays bearish, about to test critical support at 2022 lows.
- The 19.90 area is not the immediate resistance.
The USD/MXN continued its decline on Monday and dropped to 19.77, reaching the lowest level since April 19. The outlook points to a test of the year-to-day low at 19.72. A daily close below 19.70 would point to the next strong support around 19.50.
Despite falling constantly during the last two weeks, technical indicators in the daily chart favor the downside, with the RSI pointing south and above 30. Momentum is firm in negative territory. The Mexican peso has in front the 19.70 area that could be hard to break. If it fails to break lower a rebound seems likely.
In the short-term, USD/MXN could likely moved sideways between 19.90 and 19.70. The 19.90 zone has become the immediate resistance. Above the next level to watch is 20.05. If the dollar rises above the 20-day Simple Moving Average, today at 20.19, the bearish outlook would be negated.
USD/MXN daily chart
-637889198822316928.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
