Start of Bullish Trend or Short brake for USD
The general trend for MXNUSD has been bearish.
I initially forecasted a target of 18.50 or lower but the market has set 18.54 as a strong floor which has broken much of the downwards momentum.
We are starting to see a recovery since the price reached the days low at 18.52 and its beginning to form something of a bullish channel. I would expect the price will continue to respect the key resistance zones but if we don't see any attempt to return to the 18.52 low, I expect a confirmation of the bullish trend soon.
I initially forecasted a target of 18.50 or lower but the market has set 18.54 as a strong floor which has broken much of the downwards momentum.
We are starting to see a recovery since the price reached the days low at 18.52 and its beginning to form something of a bullish channel. I would expect the price will continue to respect the key resistance zones but if we don't see any attempt to return to the 18.52 low, I expect a confirmation of the bullish trend soon.