Chart USD/MXN Update: Higher in range
Steady losses are meeting buying interest above support at 20.2000
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 21.0000 | * | figure | S1 | 20.2000 | break level | ||
| R3 | 20.9050 | ** | 31 Dec 2024 (y) high | S2 | 20.0000 | * | congestion | |
| R2 | 20.7630 | ** | 76.4% ret of 2021-2024 fall | S3 | 19.7500 | * | break level | |
| R1 | 20.5000 | * | congestion | S4 | 19.6460 | 18 Oct low |
Asterisk denotes strength of level
16:45 GMT - Steady losses are meeting buying interest above support at 20.2000, as intraday studies turn higher, with prices currently pressuring congestion resistance at 20.5000. A test above here is possible, but mixed daily and weekly charts are expected to limit scope in renewed consolidation beneath the 20.7630 Fibonacci retracement. A further close above the 20.9050 year high of 31 December 2024, however, would turn sentiment positive and extend April gains towards 21.0000. Meanwhile, a close below 20.2000, if seen, would open up further congestion around 20.0000. By-then oversold daily stochastics could prompt fresh consolidation around here.