USD/MXN may fall 2000 - 2962 pips

Our pivot point stands at 17.8501.

Our preference

The downside prevails as long as 17.8501 is resistance.

Alternative scenario

The upside breakout of 17.8501, would call for 18.0120 and 18.1083.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 17.7262 and 17.7317).

Supports and resistances

18.1083 **

18.0120 *

17.8501 **

17.7866

17.7170 last

17.5170

17.4208 **

17.3245 *

17.2283 **

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