Chart USD/MXN Update: Balanced above fresh year low - background under pressure
Steady selling interest has posted a fresh year low within support at the 17.8900 late-July 2024 weekly low and congestion around 18.0000
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.6000 | * | congestion lows | S1 | 18.0000 | ** | congestion | |
| R3 | 18.5000 | * | congestion | S2 | 17.8900 | * | late-July 24 (w) low | |
| R2 | 18.1965 | ** | 17 Sep (m) low | S3 | 17.5900 | ** | July 2024 (m) low | |
| R1 | 18.1500 | minor congestion | S4 | 17.4500 | ** | 76.4% ret of 2024-2025 rally |
Asterisk denotes strength of level
16:40 GMT - Steady selling interest has posted a fresh year low within support at the 17.8900 late-July 2024 weekly low and congestion around 18.0000, before bouncing back above 18.0000 as oversold daily stochastics tick higher. The daily Tension Indicator is under pressure and broader weekly charts are negative, highlighting room for further losses in the coming sessions. A break below 17.8900 will add weight to sentiment and extend February losses towards the 17.5900 monthly low of July 2024. Meanwhile, resistance is at congestion around 18.1500 and extends to the 18.1965 monthly low of 17 September. This range should cap any immediate tests higher.