USD/MXN is trading at 16.9541 (-0.17%), testing the lower bounds of its 20-day dynamic resistance trendline at 17.0245 (+704.7 pips, descending) while hovering just below the SMA-20 (16.9566) and well under the SMA-50 (17.1900). This confirms the broader downtrend, with the 50-day channel firmly descending and the rate sitting 2822.1 pips above the 50-day dynamic support at 16.6718. The immediate pivot at 16.9583 is being tested, with S1 static support at 16.9045 (-496.6 pips) as the nearest downside reference — a break below could accelerate selling toward the 20-day dynamic support at 16.8474 (-1067.0 pips, flat).

RSI at 51.2 shows neutral momentum, but the rejection near today’s high of 17.0077 (just 535.2 pips from the 50-day dynamic resistance) suggests bears retain control. The sideways 20-day channel and descending 50-day trendlines create a compression zone, with ATR(14) at 0.0804 indicating subdued volatility. Short-term, the failure to hold above the SMA-20 reinforces bearish bias — a close below S1 (16.9045) would target the 20-day dynamic support, while any rally faces layered resistance at the descending 20-day (17.0245) and 50-day (17.0076) dynamic trendlines. Watch Banxico’s mid-meeting commentary for catalysts to break this technical stalemate.