USD/MXN may fall 1701 - 2459 pips

Our pivot point is at 19.2761.

Our preference

The downside prevails as long as 19.2761 is resistance.

Alternative scenario

Above 19.2761, look for 19.4037 and 19.4797.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 19.2016 and 19.1929). Finally, the USD/MXN is trading below its lower Bollinger band (standing at 19.1635).

Supports and resistances

19.4797 **

19.4037 *

19.2761 **

19.2259

19.1629 last

18.9928

18.9170 **

18.8411 *

18.7653 **

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