USD/MXN may rise 1697 - 2330 pips

Our pivot point is at 17.8298.

Our preference

The upside prevails as long as 17.8298 is support.

Alternative scenario

Below 17.8298, expect 17.7238 and 17.6607.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 17.7013 and 17.6386).

Supports and resistances

18.3077 **

18.2444 *

18.1810 **

18.1177

17.9480 last

17.8714

17.8298 **

17.7238 *

17.6607 **

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