Chart USD/MXN Update: Cautious trade - studies leaning lower
Quiet trade, as mixed intraday studies keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 19.7800 | * | 6 May high | S1 | 19.2000 | * | congestion | |
| R3 | 19.7000 | * | congestion | S2 | 19.0620 | * | 18 Sep (m) low | |
| R2 | 19.5000 | * | congestion | S3 | 19.0000 | ** | congestion | |
| R1 | 19.3000 | break level | S4 | 18.7750 | ** | 50% ret of 2024-2025 rally |
Asterisk denotes strength of level
16:40 BST - Quiet trade, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 19.2000. Daily readings are mixed/negative and broader weekly charts are under pressure, highlighting room for a later break beneath here and continuation of February losses initially to the 19.0620 monthly low of 18 September. A further close beneath here will confirm a more significant bear trend, as focus then turns to the 18.7750 Fibonacci retracement. Meanwhile, resistance is at 19.3000. A close above here, if seen, will delay downside development and put focus on congestion around 19.5000, where fresh selling interest is looked for.