USD/MXN may fall 2063 - 3072 pips

Our pivot point stands at 18.7843.

Our preference

Target 18.3278.

Alternative scenario

Above 18.7843, look for 18.9540 and 19.0550.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (18.6574) but above its 50 period moving average (18.5953).

Supports and resistances

19.0550 **

18.9540 *

18.7843 **

18.7177

18.6350 last

18.4287

18.3278 **

18.2269 *

18.1260 **

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