USD/MXN may rise 1853 - 2738 pips

Our pivot point stands at 17.6414.

Our preference

Rebound.

Alternative scenario

The downside breakout of 17.6414 would call for 17.4930 and 17.4046.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (17.7624) but under its 50 period moving average (17.7965).

Supports and resistances

18.2274 **

18.1389 *

18.0504 **

17.9619

17.7766 last

17.6997

17.6414 **

17.4930 *

17.4046 **

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