USD/MXN may fall 1723 - 2344 pips

Our pivot point is at 17.7568.

Our preference

The downside prevails as long as 17.7568 is resistance.

Alternative scenario

The upside breakout of 17.7568, would call for 17.8614 and 17.9236.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 17.7711 and 17.8367).

Supports and resistances

17.9236 **

17.8614 *

17.7568 **

17.7158

17.6742 last

17.5019

17.4398 **

17.3778 *

17.3157 **

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