USD/MXN may rise 1290 - 1907 pips

Our pivot point stands at 17.4008.

Our preference

Rebound.

Alternative scenario

The downside breakout of 17.4008 would call for 17.2974 and 17.2358.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (17.4660) but under its 50 period moving average (17.5254). Finally, the USD/MXN has crossed above its upper Bollinger band (17.4953).

Supports and resistances

17.8187 **

17.7570 *

17.6954 **

17.6337

17.5047 last

17.4414

17.4008 **

17.2974 *

17.2358 **

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