Retest $17.10 then lower to $16.98
SCENARIO 1) Strong immediate Resistance at $17.07 currently on USDMXN, although a push to retest $17.10 would be fair. Key point is a Leg down $16.98 is in my sights.
SCENARIO 2) IPC Mexico INDEX for Mexican stocks takes a breather after reach ATH’s near 57,700. Indicators point to OVER-BOUGHT conditions plus a gap fill needs attention at 55,200. That would be a likely target for a retracement. In alignment the USDMXN would likely head back up $17.20-25.
SCENARIO 3) USDMX is at a prime level to form a DOUBLE-BOTTOM, which will ensure USDMXN a revisit to $17.50 psychological level.
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