Dukascopy

USD/MXN 1H Chart: Channel Up

FX:USDMXN   U.S. Dollar / Mexican Peso
USD/MXN 1H Chart: Channel Up

  • The American Dollar is appreciating against the Mexican Peso in a medium-term and short-term ascending channels.

  • At the moment, the channel consists of three reaction highs and three reaction lows and, thus, might be cease to exist in the upcoming days.
  • The fact that the currency pair is gradually approaching to the lower trend-line of the senior channel indicates on validity of such scenario.
  • The slip to the bottom seems unlikely because the rate proved to be quite sensitive to the 55- and 100-hour SMAs , which are moving along the pattern.
  • A number of technical indicators also vote for an ascending movement.

  • On the other hand, 60% of traders remain bearish on this currency pair.
  • In addition, there is a need to take into account an impact from a release of the US macroeconomic data today and tomorrow.

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