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Mexican Peso Latest: USD/MXN Price Soars, Recent Highs Maybe Under Threat

Mexican Peso Latest: USD/MXN Price Soars, Recent Highs Maybe Under Threat

Nick Cawley, Strategist

US Dollar vs. Mexican Peso (USD/MXN) Price, Analysis and Chart:

  • USD/MXN price soars as support levels hold firm.
  • Resistance levels under pressure as US dollar strength returns.
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USD/MXN Price Volatility Returns

USD/MXN has jumped in excess of 2% so far today sending the pair back towards 24.00, a level not seen for nearly a week. The move has been fueled by a resurgent US dollar with investors continuing to move money into the safe-haven currency as coronavirus fears continue to weigh on the market. With the US Q1 corporate reporting season now underway, first-quarter earnings are expected to show some, but not all, of the impact of the virus and any accompanying warnings with these results will likely be negative, driving further US dollar demand.

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The daily USD/MXN chart shows the pair currently touching, and rejecting, the 20-day moving average with a break and close above here another positive sentiment indicator. The CCI indicator shows USD/MXN moving higher, while volatility in the pair remains close to recent extreme levels. A group of supportive lows between 23.125 and 23.369 should serve as short-term support before the March 26 swing-low at 22.862 is exposed. If the US dollar remains firm then 24.788 becomes the initial short-term target before the high print of 25.782. Hitting the April 6 high may prove difficult over the short- to medium-term with the USD-MXN interest rate differential still providing carry support for the Mexican Peso.

USD/MXN Daily Price Chart (October 2019 – April 15, 2020)

USDMXN Price moves sharply higher
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Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on USD/MXN – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.