USD/MXN may rise 836 - 1174 pips

Our pivot point is at 17.0379.

Our preference

As long as 17.0379 is support look for 17.2215.

Alternative scenario

Below 17.0379, expect 16.9812 and 16.9474.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 17.0371 and 16.9328).

Supports and resistances

17.2892 **

17.2554 *

17.2215 **

17.1877

17.1041 last

17.0602

17.0379 **

16.9812 *

16.9474 **

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