The USD/MXN pair is seen oscillating in a narrow trading band during the Asian session on Wednesday and consolidating the overnight heavy losses to a
USD/MXN struggles to gain any meaningful traction, though the bias remains tilted in favour of bulls. Any further slide could attract fresh buyers near the 17.80 confluence breakpoint, now turned support. A convincing break below the 23.6% Fibo. level is needed to negate the near-term constructive outlook. multi-day low. Spot prices currently trade around the 17.95-17.90 region, nearly unchanged for the day, though any meaningful downside still seems elusive.
40-17.35 horizontal support. Spot prices might then weaken further below the 17.15-17.10 region, towards testing sub-17.00 levels. On the flip side, momentum back above the 18.00 round figure might now confront some resistance around the 18.15-18.20 zone. This is followed by 38.2% Fibo., around the 18.30 region and mid-18.00s, or the highest level since late March touched last week.
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