ew-forecast

USDMXN is breaking the supports

SAXO:USDMXN   U.S. Dollar / Mexican Peso
USDMXN remains bearish and it’s now in a sharp intraday decline aboutwe have been warning about in the past. We see pair now breaking the trendline support and its falling below the important 19.70 level. This may cause more more weakness as a higher degree bearish triangle can come to an end. In fact, MXN has been one of the strongest even when USD was up vs GBP, AUD and NOK. So if these are ready to gain, or at least make a pullback, then we think that USDMXN can easily come much lower. Check where USDMXN is despite DXY bull run in the last 12 months.

A bearish HS pattern also signals for more weakness on USDMXN.

Grega

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