Mexican Peso Technical Price Outlook: USD/MXN Near-term Trade Levels
- Mexican Peso updated technical trade levels – Daily & Intraday Charts
- USD/MXN[1] recovery underway within broader downtrend- key resistance into monthly open
- Risk for topside exhaustion sub-21.8779 – key near-term support 21.2316
The US Dollar[2] has rallied more than 3.5% against the Mexican Peso since last week’s low with the advance taking USD/MXN[3] back above a confluence pivot zone we’ve been tracking for months now. While further strength may be on the cards in the days ahead, price is approaching major downtrend resistance just higher and we’re looking for a reaction there for guidance IF reached. These are the updated targets and invalidation levels that matter on the USD[4]/MXN technical price charts. Review my latest Strategy Webinar[5] for an in-depth breakdown of this Peso technical setup and more.
{WEBINAR|855292659|Live Weekly Strategy Webinars on Mondays at 12:30GMT}}
Mexican Peso Price Chart – USD/MXN Daily
Chart Prepared by Michael Boutros[6], Technical Strategist; USD/MXN on Tradingview[7]
Technical Outlook: In my last Mexican Peso Price Outlook[8] we noted to be on the lookout, “for topside exhaustion ahead of 22.1643 IF price is indeed heading lower with a close below 21.2316 needed to fuel the next leg in this trend.” Price registered a high at 21.9419 before turning sharply lower with the decline breaking below support last week – a late-week recovery has now fueled a rally back above this threshold and risks a larger USD[9]/MXN price rally in the days ahead.
The advance is testing trendline[10]resistance extending off the yearly highs with the 38.2% retracement[11] of the late-June decline just higher at 21.7560.
