USD/MXN may fall 2056 - 3048 pips

Our pivot point stands at 18.4721.

Our preference

The downside prevails as long as 18.4721 is resistance.

Alternative scenario

Above 18.4721, look for 18.6390 and 18.7383.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 18.4016 and 18.4169).

Supports and resistances

18.7383 **

18.6390 *

18.4721 **

18.4066

18.3301 last

18.1245

18.0253 **

17.9261 *

17.8268 **

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