Chart USD/MXN Update: Pressuring strong support at the 17.4500 Fibonacci retracement
Anticipated selling interest has extended February 2025 losses to strong support at the 17.4500 Fibonacci retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.0000 | ** | congestion | S1 | 17.4500 | ** | 76.4% ret of 2024-2025 rally | |
| R3 | 17.8000 | * | congestion | S2 | 17.0000 | ** | congestion | |
| R2 | 17.7000 | * | congestion | S3 | 16.9150 | * | June 2024 low | |
| R1 | 17.6000 | * | congestion | S4 | 16.7500 | ** | congestion |
Asterisk denotes strength of level
17:05 GMT - Anticipated selling interest has extended February 2025 losses to strong support at the 17.4500 Fibonacci retracement. Daily stochastics are flat in oversold areas, suggesting potential for consolidation around here. However, the daily Tension Indicator is bearish and weekly charts are also under pressure, highlighting room for deeper losses in the coming sessions. A break beneath here will add weight to already bearish price action and open up a test of congestion support at 17.0000. Meanwhile, resistance is lowered to congestion around 17.6000. A close above here, if seen, will help to stabilise price action and prompt short-term consolidation.