USD/MXN may fall 2011 - 2734 pips

Our pivot point is at 19.4858.

Our preference

The downside prevails as long as 19.4858 is resistance.

Alternative scenario

Above 19.4858, look for 19.6078 and 19.6804.

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 19.4476 and 19.4250).

Supports and resistances

19.6804 **

19.6078 *

19.4858 **

19.4379

19.3655 last

19.1644

19.0921 **

19.0198 *

18.9475 **

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