USD/MXN extends slide to lowest in two months at 22.50 as Mexican peso outperforms

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The Mexican peso is rising for the sixth day in a row on Monday and it trades at the highest since mid-March versus the US dollar supported by an improvement in market sentiment. USD/MXN dropped to test 22.50 and it remains near the lows, under pressure.

Among the most liquid currencies, the Mexican peso is the top performer on Monday and also considering the last five trading days. The rebound in crude oil prices and in equity prices boosted the currency that so far in May, is having one of the best months in history against the greenback.

The US Dollar is posting mixed results on Monday. It rose earlier but then pulled back as Wall Street futures printed fresh highs. Trading volume is expected to continue at extremely low levels amid a holiday in the US.

Economic data released on Monday included trade data from Mexico. Exports tumbled 40% in April while imports declined 37% from a year earlier. The trade deficit jumped to $3,087 million, the highest since January 2019.

Levels to watch

From a technical perspective, the bias continues to point to the downside in USD/MXN as it has been the case since it broke under 23.20 that now is the critical resistance. On the flip side, the 22.45/50 area is the immediate support followed by 22.20.

 

USD/MXN

Overview
Today last price22.5548
Today Daily Change-0.1781
Today Daily Change %-0.78
Today daily open22.7329

 

Trends
Daily SMA2023.9099
Daily SMA5023.9833
Daily SMA10021.5671
Daily SMA20020.4719

 

Levels
Previous Daily High23.1662
Previous Daily Low22.7075
Previous Weekly High24.0472
Previous Weekly Low22.7075
Previous Monthly High25.7809
Previous Monthly Low23.2825
Daily Fibonacci 38.2%22.8828
Daily Fibonacci 61.8%22.991
Daily Pivot Point S122.5715
Daily Pivot Point S222.4102
Daily Pivot Point S322.1128
Daily Pivot Point R123.0302
Daily Pivot Point R223.3276
Daily Pivot Point R323.4889