A harmonic pattern seems to be forming in the USDMXN pair, it could be a bullish Gartley, so the reversal could be close. The pair is currently trading below the 50-period moving average on a daily basis without having a very marked slope.
I see the strongest support at 19.74 which has not been broken since June of last year and previously served as support 2 times during April of this year. The extension to 127% of the fibo coincides with the resistances of January of this year, as well as those of November and October of last year. If the reversal occurs, the dollar could easily go to the range of 20.5-20.88 pesos and maximum at 21.20. I highly doubt current prices will hold up anytime soon before a change in direction occurs.
I see the strongest support at 19.74 which has not been broken since June of last year and previously served as support 2 times during April of this year. The extension to 127% of the fibo coincides with the resistances of January of this year, as well as those of November and October of last year. If the reversal occurs, the dollar could easily go to the range of 20.5-20.88 pesos and maximum at 21.20. I highly doubt current prices will hold up anytime soon before a change in direction occurs.
