USD/MXN may rise to 18.7659 - 19.2023

Our pivot point stands at 16.9743.

Our preference

The upside prevails as long as 16.9743 is support.

Alternative scenario

The downside breakout of 16.9743 would call for 16.2556 and 15.8278.

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 positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 16.8573 and 16.8169). Finally, the USD/MXN is trading above its upper Bollinger band (standing at 17.5370).

Supports and resistances

20.0752 **

19.6388 *

19.2023 **

18.7659

17.8755 last

17.2566

16.9743 **

16.2556 *

15.8278 **

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