USD/MXN may fall 1956 - 2933 pips

Our pivot point stands at 18.2341.

Our preference

Target 17.7977.

Alternative scenario

Above 18.2341, look for 18.3985 and 18.4963.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (18.1117) but above its 50 period moving average (18.0696).

Supports and resistances

18.4963 **

18.3985 *

18.2341 **

18.1695

18.0910 last

17.8954

17.7977 **

17.6999 *

17.6021 **

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