USD/MXN may rise 2040 - 3015 pips

Our pivot point is at 17.8058.

Our preference

Rebound.

Alternative scenario

The downside breakout of 17.8058 would call for 17.6421 and 17.5446.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (17.9358) but under its 50 period moving average (17.9584).

Supports and resistances

18.4429 **

18.3453 *

18.2477 **

18.1502

17.9462 last

17.8702

17.8058 **

17.6421 *

17.5446 **

Number of asterisks represents the strength of support and resistance levels.