USD/MXN may rise 774 - 1111 pips

Our pivot point is at 16.9836.

Our preference

As long as 16.9836 is support look for 17.1481.

Alternative scenario

The downside breakout of 16.9836 would call for 16.9270 and 16.8933.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 17.0265 and 17.0088).

Supports and resistances

17.2155 **

17.1818 *

17.1481 **

17.1144

17.0370 last

17.0058

16.9836 **

16.9270 *

16.8933 **

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