USD/MXN may fall 1198 - 1783 pips

Our pivot point stands at 19.4130.

Our preference

The downside prevails as long as 19.4130 is resistance.

Alternative scenario

The upside breakout of 19.4130, would call for 19.5113 and 19.5698.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 19.3485 and 19.3365). Finally, the USD/MXN has penetrated its lower Bollinger band (19.3210).

Supports and resistances

19.5698 **

19.5113 *

19.4130 **

19.3743

19.3204 last

19.2006

19.1421 **

19.0836 *

19.0252 **

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