USD/MXN may fall 1697 - 2516 pips

Our pivot point is at 19.7714.

Our preference

Under pressure below 19.7714.

Alternative scenario

Above 19.7714, look for 19.9093 and 19.9914.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 19.7175 and 19.6328). Finally, the USD/MXN is trading below its lower Bollinger band (standing at 19.6270).

Supports and resistances

19.9914 **

19.9093 *

19.7714 **

19.7172

19.6189 last

19.4492

19.3673 **

19.2854 *

19.2035 **

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