The US dollar to Mexican peso exchange rate at 17.0610 is staying at a lower level near the lowest point of the day. It is also protecting the previous day’s reversal from a support level that has now become a resistance level. According to @nehcap, there is an anticipation of additional decline in value.

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• USD/MXN holds lower ground near intraday bottom, defends previous day’s U-turn from support-turned-resistance.

The pair currently trades last at 17.0610.

The previous day high was 17.4274 while the previous day low was 17.009. The daily 38.2% Fib levels comes at 17.1688, expected to provide resistance. Similarly, the daily 61.8% fib level is at 17.2675, expected to provide resistance.

USD/MXN bears keep the reins at the intraday low of around 17.04 during early Monday, keeping the previous day’s U-turn from the support-turned-resistance stretched from mid-May.

Adding strength to the downside bias about the Mexican Peso (MXN) pair is the quote’s clear downside break of the 50-DMA, as well as the cautious mood ahead of the inflation from Mexico and the US for July.

Even so, the bullish MACD signals and one-month-old horizontal support around the 17.00 round figure prods USD/MXN bears before giving them control.

In that case, 16.70 and the multi-month low marked in July around 16.60 will be in the spotlight.

Alternatively, the 50-DMA level of around 17.10 guards the immediate recovery of the USD/MXN pair ahead of the aforementioned support-turned-resistance, close to 17.38-40.

It should be noted that the Mexican Peso sellers remain off guard unless breaking the 100-DMA surrounding 17.55.

Above, the US and Mexican inflation data for July will be crucial to watch as the USD/MXN resumes the original downtrend. Should the scheduled data justify dovish concerns about the Fed and/or hopes of another rate hike from Banxico, the quote won’t hesitate to challenge the yearly low marked in July around 16.62.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

USDMXN currently trading at 17.0575 at the time of writing. Pair opened at 17.09 and is trading with a change of -0.19% % .

The pair is trading above its 20 Daily moving average @ 16.8961, below its 50 Daily moving average @ 17.1098 , below its 100 Daily moving average @ 17.5603 and below its 200 Daily moving average @ 18.3153

The previous day high was 17.4274 while the previous day low was 17.009. The daily 38.2% Fib levels comes at 17.1688, expected to provide resistance. Similarly, the daily 61.8% fib level is at 17.2675, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 16.9235, 16.757, 16.5051
• Pivot resistance is noted at 17.3419, 17.5938, 17.7603

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