USDMXN holds above 20.0, trading sideways in a low-momentum market, above the 75-period SMA. Meanwhile, the Stochastic Oscillator left oversold territory, which is a bullish signal.
The currency pair will likely target the 20.81 high if it remains above the key support level of 20.0.
USDMXN Holds above 20: Targets 20.81 and Beyond
The American currency trades bullish against the Mexican Peso. However, the uptrend stalled at 20.81 resistance. As of this writing, the currency pair trades at approximately 20.17, testing the 75-period simple moving average as support.
Furthermore, the RSI 14 moves sideways, clinging to the median line, interpreted as a low-momentum market.
Overall, the technical indicators suggest that while the primary trend is bullish, the USD/MXN requires a breakout for the next trend to begin.
USDMXN Forecast – 26-December-2024
The immediate support is at 20.81. From a technical perspective, the uptrend will likely resume if USD/MXN bulls maintain prices above 20.81. In this scenario, the next bullish target could be the 20.81 mark.
Furthermore, if the buying pressure exceeds 20.81, the bulls’ path to 21.25 could be paved.
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The Bearish Scenario
The immediate support is at 20.0. Please note that the bullish outlook should be invalidated if USD/MXN dips below the 20.0 mark. If this scenario unfolds, the downtick momentum from 20.81 could extend to 19.6, followed by 10.39.
USDMXN Support and Resistance Levels – 26-December-2024
Traders and investors should closely monitor the USD/MXN key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
| USDMXN Support and Resistance Levels | |||
|---|---|---|---|
| Support | 20.0 | 19.6 | 19.3 |
| Resistance | 20.8 | 21.25 | 21.5 |