Published: 2024-05-13T16:15:36.000Z
Chart USD/MXN Update: Gains to remain limited in consolidation
Senior Technical Strategist
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The anticipated break below 16.8000 has met buying interest above congestion support at 16.650
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 17.3000 | * | congestion | S1 | 16.7200 | * | 10 May (w) low | |
| R3 | 17.1500 | * | congestion | S2 | 16.6500 | * | congestion | |
| R2 | 17.0000 | * | congestion | S3 | 16.5000 | ** | congestion | |
| R1 | 16.8000 | * | break level | S4 | 16.3250 | ** | Oct 2015 low |
Asterisk denotes strength of level
17:00 BST - The anticipated break below 16.8000 has met buying interest above congestion support at 16.6500, with prices currently pressuring 16.8000. Oversold daily stochastics are unwinding, suggesting potential for a test above here. However, the bearish daily Tension Indicator and mixed/negative weekly charts are expected to limit scope in consolidation beneath congestion around 17.0000. Meanwhile, support remains at 16.6500 and should underpin any immediate tests lower.