Chart USD/MXN Update: Higher in consolidation from 18.2000 low
Turned up from above support at the 18.1800 61.8% Fibonacci level as prices unwind the deep oversold daily studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 19.0000 | ** | congestion | S1 | 18.3000 | * | 23 Sep low | |
| R3 | 18.8200 | * | 11 Jun low | S2 | 18.1800 | * | 61.8% 2024/Feb rally | |
| R2 | 18.6600 | 11 Sep high | S3 | 18.0000 | ** | psychological | ||
| R1 | 18.5000 | * | congestion | S4 | 17.8500 | congestion |
Asterisk denotes strength of level
08:15 GMT - Turned up from above support at the 18.1800 61.8% Fibonacci level as prices unwind the deep oversold daily studies and consolidate losses from the 18.8200/19.0000, August highs. Bounce see the July/August range lows now turned resistance and regaining this needed to ease the downside pressure and see room for stronger corrective bounce. Break, if seen, will open up room to the strong resistance at 18.8200/19.0000 area which is expected to cap. Corrective bounce is expected to give way to selling pressure later to retest 18.2000/18.1800 support. Below this will see room for extension to 18.0000 figure.