The US dollar to Mexican peso exchange rate, currently at 17.0206, is fluctuating at its highest level in three weeks and is challenging a bearish channel that formed several days ago. According to @nehcap’s viewpoint, there is an anticipation of more gains in the future.

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• USD/MXN seesaws at three-week high, challenges multi-day-old bearish channel formation.

The pair currently trades last at 17.0206.

The previous day high was 17.08 while the previous day low was 16.8336. The daily 38.2% Fib levels comes at 16.9859, expected to provide support. Similarly, the daily 61.8% fib level is at 16.9277, expected to provide support.

USD/MXN bulls keep the reins for the fourth consecutive day despite the early Asian session inaction on Thursday, making rounds to 17.05 at the latest. In doing so, the Mexican Peso (MXN) pair prods the top line of a downward-sloping trend channel established since May 16, 2023.

Also read: Forex Today: Dollar stays firm as upbeat US jobs data offsets credit downgrade

USD/MXN pair’s first daily closing beyond the 21-DMA in a month joins the bullish MACD signals and upbeat RSI (14) line, not overbought, to add strength to the upside bias surrounding the pair.

However, a clear break of the stated channel’s top line won’t be enough for the USD/MXN bulls as the 50-DMA acts as an extra check around 17.10.

In a case where the USD/MXN offers a daily closing beyond 17.10, its run-up towards the previous monthly high of near 17.40 can’t be ruled out. Following that, the 100-DMA hurdle of 17.58 will be in the spotlight.

Alternatively, pullback moves need to provide a daily close beneath the 21-DMA level of 16.90 to recall the USD/MXN sellers.

Even so, a three-week-old horizontal support zone around 16.70 and the latest multi-month low marked the last week near 16.62 can test the bears.

However, a clear break of 16.62 will make the USD/MXN pair vulnerable to slump toward the stated falling channel’s bottom line surrounding 16.40.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDMXN currently trading at 17.0296 at the time of writing. Pair opened at 17.024 and is trading with a change of 0.03% % .

The pair is trading above its 20 Daily moving average @ 16.8932, below its 50 Daily moving average @ 17.1306 , below its 100 Daily moving average @ 17.5921 and below its 200 Daily moving average @ 18.3413

The previous day high was 17.08 while the previous day low was 16.8336. The daily 38.2% Fib levels comes at 16.9859, expected to provide support. Similarly, the daily 61.8% fib level is at 16.9277, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 16.8785, 16.7329, 16.6322
• Pivot resistance is noted at 17.1248, 17.2255, 17.3711

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