USD/MXN may fall 713 - 1049 pips

Our pivot point is at 17.0724.

Our preference

Target 16.9166.

Alternative scenario

Above 17.0724, look for 17.1290 and 17.1627.

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 below its 20 period moving average (17.0367) but above its 50 period moving average (17.0029).

Supports and resistances

17.1627 **

17.1290 *

17.0724 **

17.0502

17.0215 last

16.9502

16.9166 **

16.8829 *

16.8493 **

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