Published: 2024-11-19T16:32:28.000Z
Chart USD/MXN Update: Under pressure
Senior Technical Strategist
1
Cautious trade is giving way to the anticipated break lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 21.0000 | * | figure | S1 | 20.2000 | break level | ||
| R3 | 20.8270 | ** | August 2022 high | S2 | 20.0000 | * | congestion | |
| R2 | 20.7630 | ** | 76.4% ret of 2021-2024 fall | S3 | 19.7500 | * | break level | |
| R1 | 20.5800 | ** | September 2022 (m) high | S4 | 19.6460 | 18 Oct low |
Asterisk denotes strength of level
16:25 BST - Cautious trade is giving way to the anticipated break lower, with steady losses currently pressuring support at 20.2000. Daily readings have turned down, highlighting room for continuation beneath here towards congestion support at 20.0000. However, mixed/positive weekly charts are expected to limit any deeper losses in consolidation above the 19.7500 break level. Meanwhile, resistance is at the 20.5800 monthly high of September 2022 and extends to the 20.7630 Fibonacci retracement. A close above here is needed, not yet seen, to turn sentiment positive and confirm continuation of April gains.