USD/MXN may rise 1992 - 2954 pips

Our pivot point is at 17.9420.

Our preference

Rebound.

Alternative scenario

The downside breakout of 17.9420 would call for 17.7804 and 17.6843.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (18.0684) but below its 50 period moving average (18.0821).

Supports and resistances

18.5622 **

18.4660 *

18.3697 **

18.2735

18.0743 last

18.0055

17.9420 **

17.7804 *

17.6843 **

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