#USDMXN @ 19.9952 continues to move sideways around the 20-day SMA. (Pivot Orderbook analysis)

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• USD/MXN continues to move sideways around the 20-day SMA.
• Bearish risks prevail while below 20.10.
• Break above 20.25 to open the doors to more gains.

The pair currently trades last at 19.9952.

The previous day high was 20.1603 while the previous day low was 19.9063. The daily 38.2% Fib levels comes at 20.0033, expected to provide resistance. Similarly, the daily 61.8% fib level is at 20.0633, expected to provide resistance.

The USD/MXN is rising on Tuesday bouncing from the 19.90 area, currently hovering around 20.00 as financial markets appear on a wait-and-see mode until the FOMC decision. Fed’s decision and Powell’s press conference could trigger volatility, affecting the pair.

Risks in USD/MXN are tilted to the downside in the short term, while it remains below 20.10. The immediate support is the 19.90 area. A break lower would expose the critical support seen at 19.80. A daily close below would initially target 19.72. Further losses under 19.70 should point to a decline toward 19.50.

On the upside, the pair is facing immediate resistance at 20.10 in the very short term. A break above could lead to a test of a key area seen between 20.20 and 20.25 that contains a horizontal level, a downtrend line and the 200-day Simple Moving Average.

A firm break above 20.25 should favor an acceleration targeting 20.45 and would change the risks to the upside for the next weeks.

Technical Levels: Supports and Resistances

USDMXN currently trading at 19.9934 at the time of writing. Pair opened at 19.9198 and is trading with a change of 0.37 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 20.0047, 50 SMA 20.2114, 100 SMA @ 20.1397 and 200 SMA @ 20.2934.

The previous day high was 20.1603 while the previous day low was 19.9063. The daily 38.2% Fib levels comes at 20.0033, expected to provide resistance. Similarly, the daily 61.8% fib level is at 20.0633, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 19.8307, 19.7415, 19.5767
• Pivot resistance is noted at 20.0847, 20.2495, 20.3386

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