Market news
17.03.2023, 02:36

USD/MXN Price Analysis: Retreats towards 18.55 support to confirm double top bearish chart pattern

  • USD/MXN reverses from 100-HMA hurdle to pare intraday gains.
  • Bearish chart formation needs confirmation from 18.55, downbeat oscillators keep sellers hopeful.
  • 200-HMA acts as additional downside filter, bulls need validation from February’s top to tighten the grips.

USD/MXN bears remain hopeful as the Mexican Peso (MXN) pair take a U-turn from the 100-Hour Moving Average (HMA) to pare intraday gains around 18.75 during early Friday.

Not only the failure to cross the 100-HMA but bearish MACD signals and downbeat RSI (14), not oversold, also favor the USD/MXN sellers.

Above all, the pair’s “double top” bearish chart pattern, by reversing twice from the 19.20 hurdle, keeps the USD/MXN sellers hopeful.

However, a clear downside break of the stated pattern’s lower end, around 18.55, becomes necessary for the bears to retake control.

Following that, the 200-HMA level of 18.45 may act as a buffer during the theoretical fall targeting the monthly low surrounding 17.90, also the lowest level since 2017.

Meanwhile, recovery moves, need to cross the 100-HMA hurdle of 18.80 to convince intraday buyers.

Even so, the previous support line from March 09, close to 18.93 at the latest, could challenge the USD/MXN pair’s run-up towards the double tops marked around 19.20.

In a case where USD/MXN crosses the 19.20 hurdle, February’s peak of 19.29 and the 20.00 psychological manget appear as the key upside levels to watch for buyers.

USD/MXN: Hourly chart

Trend: Further downside expected


© 2000-2023. All rights reserved.

This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at

Live Chat E-mail
Choose your language / location