As a top-15 oil-producing country, Mexico is tied to its natural resources. The peso shows a tight correlation with other commodity-based currencies, including the Brazilian real (BRL) and the Colombian peso (COP). This interdependence increases the importance of energy fluctuations as well as of data that move crude oil and natural gas futures markets. If the price of oil continues to rise and inflation in the United States grows, the prospects for the appreciation of the Mexican peso against the dollar will increase.
In this pair, technical analysis shows a technical figure Falling Wedge. The Falling Wedge broke through the resistance line on 12/06/2022. USD/MXN is forming a bullish formation on a daily chart. If the price holds above this level, we will have a possible bullish price movement with a forecast for the next 27 days with a target of 20.5038. According to the experts, your stop loss should be around 19.4132 if you enter this position.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
In this pair, technical analysis shows a technical figure Falling Wedge. The Falling Wedge broke through the resistance line on 12/06/2022. USD/MXN is forming a bullish formation on a daily chart. If the price holds above this level, we will have a possible bullish price movement with a forecast for the next 27 days with a target of 20.5038. According to the experts, your stop loss should be around 19.4132 if you enter this position.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.