USD/MXN fails to break key support level at 17.98, intraday bias remains neutral

• Pair is currently trading at 18.0395 levels.
   
• It made intraday high at 18.1692 and low at 18.0109 levels.
   
• Intraday bias remains neutral till the time pair holds key support level at 17.98 levels.
   
• A daily close below 17.98 will drag the parity towards 17.80 and 17.21 thereafter.
   
• Alternatively, reversal from 17.99 will take the parity back around 18.25 marks.
   
• Pair is likely to trade range bound in between 17.98 to 18.25 levels.
   
• A break of either side will provide further direction to the parity.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.