The exchange rate between the US Dollar and the Mexican Peso, currently at 16.7568, is stabilizing as it prepares for the upcoming release of economic data from the United States.
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- USD/MXN consolidates before the release of the US economic data.
The pair currently trades last at 16.7568.
The previous day high was 16.8036 while the previous day low was 16.7269. The daily 38.2% Fib levels comes at 16.7562, expected to provide support. Similarly, the daily 61.8% fib level is at 16.7743, expected to provide resistance.
USD/MXN hovers around 16.75 ahead of the European session kicking off on Thursday. The pair witnessed downward pressure due to the moderate data from Mexico and cautious sentiment ahead of the US Federal Reserve’s (Fed) preferred inflation gauge, notably the US Core Personal Consumption Expenditure (PCE) Price Index for August.
The seven-day Exponential Moving Average (EMA) at 16.80 emerges as the immediate barrier lined up with both 14-day EMA and 23.6% Fibonacci retracement at 16.87. A firm break above the latter could open the doors for the USD/MXN pair to explore the region around 38.2% Fibonacci retracement at 16.97.
On the flip side, the pair could meet the key support around the monthly low at 16.69 level, followed by July’s low at 16.62 level. A break below that level could inspire the bears of the pair to navigate the region around a 16.50 psychological level.
The 14-day Relative Strength Index (RSI) remains below 50, indicating a bearish bias of the USD/MXN traders. The Moving Average Convergence Divergence (MACD) line remains below the centerline and shows the divergence below the signal line, which indicates that recent momentum is weaker.
In the short term, the underlying trend remains bearish as long as the USD/MXN pair stays below the 50-day EMA at 17.07.
Technical Levels: Supports and Resistances
USDMXN currently trading at 16.7607 at the time of writing. Pair opened at 16.7419 and is trading with a change of 0.11 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 16.7607 |
| 1 | Today Daily Change | 0.0188 |
| 2 | Today Daily Change % | 0.1100 |
| 3 | Today daily open | 16.7419 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 16.9965, 50 SMA 16.9766, 100 SMA @ 17.3237 and 200 SMA @ 18.0877.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 16.9965 |
| 1 | Daily SMA50 | 16.9766 |
| 2 | Daily SMA100 | 17.3237 |
| 3 | Daily SMA200 | 18.0877 |
The previous day high was 16.8036 while the previous day low was 16.7269. The daily 38.2% Fib levels comes at 16.7562, expected to provide support. Similarly, the daily 61.8% fib level is at 16.7743, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 16.7114, 16.6808, 16.6347
- Pivot resistance is noted at 16.788, 16.8341, 16.8646
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 16.8036 |
| Previous Daily Low | 16.7269 |
| Previous Weekly High | 17.0800 |
| Previous Weekly Low | 16.7366 |
| Previous Monthly High | 17.3957 |
| Previous Monthly Low | 16.6258 |
| Daily Fibonacci 38.2% | 16.7562 |
| Daily Fibonacci 61.8% | 16.7743 |
| Daily Pivot Point S1 | 16.7114 |
| Daily Pivot Point S2 | 16.6808 |
| Daily Pivot Point S3 | 16.6347 |
| Daily Pivot Point R1 | 16.7880 |
| Daily Pivot Point R2 | 16.8341 |
| Daily Pivot Point R3 | 16.8646 |
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