The previous forecast worked, and the USD/MXN currency pair has breached the medium-term ascending channel.
As apparent on the chart, the US Dollar is continuing to appreciate against the Mexican Peso. This movement has been bounded in the short-term ascending channel. Currently, the pair is testing its lower boundary at 20.05. if given channel holds, it is likely that a reversal north occurs within following sessions. The general direction is expected to remain north. Potential upside target is the psychological level at 21.00.
Otherwise, a breakout from the channel occurs in the nearest future. Important level to look out for is the Fibonacci 50.00% retracement at 19.75.
As apparent on the chart, the US Dollar is continuing to appreciate against the Mexican Peso. This movement has been bounded in the short-term ascending channel. Currently, the pair is testing its lower boundary at 20.05. if given channel holds, it is likely that a reversal north occurs within following sessions. The general direction is expected to remain north. Potential upside target is the psychological level at 21.00.
Otherwise, a breakout from the channel occurs in the nearest future. Important level to look out for is the Fibonacci 50.00% retracement at 19.75.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.