Dukascopy

USD/MXN 1H Chart: Channel Down

FX:USDMXN   U.S. Dollar/Mexikanischer Peso
USD/MXN 1H Chart: Channel Down

  • The American Dollar was trading against the Mexican Peso in a medium-term ascending channel .

  • However, after a data release on the US CPI             the buck entered into a seven hour downfall and lost 1.3% in value.
  • Such depreciation led to appearance of the current short-term descending channel with two reaction highs and once reaction low.
  • Since the pattern has not formed completely, the currency pair is expected to continue to move within it at least until the weekly S1 at 17.7187.
  • Afterwards, a rebound might happen.

  • On the other hand, by that time the rate might experience additional pressure from the approached 55-hour SMA , which could impede the climb upstairs.
  • Finally, there is a need to take into account that due to narrowness of the channel it might be prematurely distorted by any news coming from North America.
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