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USD/MXN: Wall of Resistance Holds, Now What?

USD/MXN: Wall of Resistance Holds, Now What?

Michael Boutros, Strategist

Talking Points

  • USD/MXN testing key daily support- Price remains vulnerable sub 18.7885
  • Updated targets & invalidation levels
  • Join Michael for Live Weekly Strategy Webinars on Mondays at 12:30GMT

USD/MXN Daily

USD/MXN Daily Chart

Technical Outlook:USDMXN has been testing support at the 2017 low-day close at 18.5751 for the past few days after failing at key resistance noted earlier this month. Watch today’s close with a move below this level targeting the lower parallel around 18.30 & a key support zone at 18.0045-18.1586.

Check out our 2Q projections in our Free DailyFX Trading Forecasts.

USD/MXN 240min

USD/MXN 240min Chart

Notes: A closer look at price action highlights interim resistance at 18.7837/85 where the monthly open converges on the 61.8% retracement of the April advance. We’ll reserve this level as our near-term bearish invalidation with a break lower targeting subsequent support objectives at 18.4682 & 18.3000. Keep in mind we get the release of the minutes from the latest FOMC policy decision later today and unemployment data out of Mexico on Friday.

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Relevant Data Releases

USD/MXN Docket

Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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