Ella 
Even as USD/MXN traded higher around 17.42 in early Asian trade on Wednesday, bulls were still struggling against three-month highs set the previous day.
That said, USD/MXN rallied to its highest level since June amid broad-based dollar strength, while propelling USD/MXN up for a second straight week. However, an overbought relative strength indicator and a failure to break above key technical resistance points hint at a pullback.
Among them, the horizontal line composed of several horizontal lines since mid-May and the two-month rising trend line (located around 17.42 and 17.45 respectively) will be the target.
If USD/MXN moves above 17.45, the swing high around 17.76 from late May could act as intermediate resistance before a move to the key 18.00 level is possible.
At the same time, unless it falls below the rising support line since August 31, which is at 17.25 at the time of writing, the pullback trend remains unclear.
After that, a series of tops in August could test the bears around 17.22 and 17.20, followed by a test of the confluence of the 100 SMA and 200 SMA at 16.97.
