USD/MXN finds support in moving average

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Throughout 2021, the USD/MXN currency exchange rate has been trading in a wide channel up pattern. In late November, the pair bounced off the pattern's upper trend line and declined. By 2022, the rate had reached the support of the 200-day simple moving average near 20.30. On January 13, the pair was located above the simple moving average.

In the case that the pair passes below the 200-day simple moving average, the USD/MXN would most likely reach the lower trend line of the 2021 channel up pattern near 20.15. Below the trend line, the 2021 low level zone at 19.60/19.80 could act stop a decline.

On the other hand, a recovery from the SMA might find resistance in the 50-day simple moving average near 20.80, before aiming at the high level zone at 20.88/20.98.
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