Home Forex Resistance at 19.60 limits upside

Resistance at 19.60 limits upside

by SuperiorInvest
  • Mexican peso gains against the US dollar after three days.
  • USD/MXN finds resistance at 20-day SMA before 19.60.
  • Temporary support at 19:40, key level at 19:30.

USD/MXN is lower on Tuesday after rising for three consecutive days in a quiet session for financial markets. The rebound from the monthly lows found resistance near the 19.60 mark. The pair reversed its course after reaching the 20-day simple moving average.

The ongoing pullback could extend towards the interim support area at 19:40. A break below would reveal the critical 19.25/30 zone that capped the decline last week. Below this area, another target is seen at 19.00/05 (intermediate resistance at 19.15).

Technical indicators mixed area. Momentum is still moving upwards, but RISE is starting to turn south. The price is holding below a key moving average. Consolidation between 19.30 and 19.60 during the next sessions seems likely.

If the dollar breaks and holds above 19.60, it will gain strength and could rise to the next barrier at 19.80.

USDMXN Daily Chart

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