Chart USD/MXN Update: Consolidating - background studies under pressure
Steady losses from 17.5000 has given way to consolidation above congestion support at 17.1500
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 17.6450 | ** | 50% ret of Mar-Apr fall | S1 | 17.1500 | * | congestion | |
| R3 | 17.6000 | ** | congestion | S2 | 17.1270 | * | 17 Apr (m) low | |
| R2 | 17.5000 | ** | congestion | S3 | 17.0865 | ** | 18 Feb YTD low | |
| R1 | 17.3000 | * | break level | S4 | 17.0000 | ** | congestion |
Asterisk denotes strength of level
16:40 BST - Steady losses from 17.5000 has given way to consolidation above congestion support at 17.1500, as oversold daily stochastics flatten. The daily Tension Indicator remains bearish and broader weekly charts are deteriorating, highlighting room for further losses in the coming sessions. A break below 17.1500 will open up critical support at the 18.0865 current year low of 18 February. A further close beneath here would turn sentiment outright negative and confirm continuation of February 2025 losses. Meanwhile, resistance is at 17.3000. A close above here, if seen, should be limited in fresh consolidation beneath congestion resistance at 17.5000.