The USDMXN currency pair continues to rise for the sixth consecutive day, reaching a three-month peak on Thursday.

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• USD/MXN scales higher for the sixth straight day and touches a three-month high on Thursday.

The pair currently trades last at 17.6163.

The previous day high was 17.6772 while the previous day low was 17.3957. The daily 38.2% Fib levels comes at 17.5697, expected to provide support. Similarly, the daily 61.8% fib level is at 17.5032, expected to provide support.

The USD/MXN pair gains strong positive traction for the sixth successive day on Thursday and jumps to over a three-month top during the early part of the European session. Spot prices, however, retreat a few pips in the last hour and currently trade near the 17.65 region, still up nearly 0.40% for the day.

From a technical perspective, this week’s sustained move and acceptance above the 100-day Simple Moving Average (SMA), for the first time since September 2022, was seen as a fresh trigger for bullish traders. A subsequent breakout through the 17.40-17.45 strong horizontal barrier prompted some follow-through technical buying and might have already set the stage for a further near-term appreciating move.

That said, the Relative Strength Index (RSI) on the daily chart is already flashing overbought conditions and makes it prudent to wait for some near-term consolidation or a modest pullback before placing fresh bets. Nevertheless, the USD/MXN pair seems poised to build on its sharp rise witnessed over the past week or so and aim to challenge the very important 200-day SMA, currently around the 18.00 mark.

The said handle coincides with a downward sloping trend-line extending from the September 2022 swing high and should act as a key pivotal point, which if cleared decisively should pave the way for additional gains.

On the flip side, any meaningful corrective slide below the daily trough, around the 17.60-17.55 region, could be seen as a buying opportunity and remain limited near the 17.45-17.40 resistance breakpoint. This is closely followed by the 100-day SMA, around the 17.30-17.25 zone. Failure to defend the said support levels might prompt some technical selling and drag the USD/MXN pair back towards the 17.00 round figure.

Technical Levels: Supports and Resistances

USDMXN currently trading at 17.6367 at the time of writing. Pair opened at 17.5758 and is trading with a change of 0.35 % .

The pair is trading above its 20 Daily moving average @ 17.0289, above its 50 Daily moving average @ 16.9892 , above its 100 Daily moving average @ 17.2853 and below its 200 Daily moving average @ 18.0364

The previous day high was 17.6772 while the previous day low was 17.3957. The daily 38.2% Fib levels comes at 17.5697, expected to provide support. Similarly, the daily 61.8% fib level is at 17.5032, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 17.4219, 17.2681, 17.1404
• Pivot resistance is noted at 17.7034, 17.8311, 17.9849

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