Mexicano
USDMXN - On its way to 18.90 and lower!The Mexican peso looks strong. It broke to the downside during the US session and bottomed today at 18.95.
I see two supports. The immediate support is the 18.90 area. If we break that support, we could go to the second strong support at 18.75, especially if oil price does not fall.
Also, both the daily MACD and RSI give us a bearish signal.
On the other hand, if we go bullish, I expect the prices to go to 19.15.
However, as I mentioned, I am more in favor of a downside.
USD/MXN 4H Chart: New patterns get markedSince the last time that the USD/MXN pair was reviewed a lot of developments have occurred.
First of all the resistance of the previously active medium channel down pattern was broken. Secondly, a new medium term ascending pattern has been mapped. However, those are background patterns to take into account in an orders to enforce proper risk management.
Main attention is focused on the newly formed ascending channel pattern, which represents the recent surge of the US Dollar against the rest of the currency markets. The channel can be used to set one’s orders.
