Currently the Mexican Peso (MXN) is in the middle of an ascending channel finding support at the previous resistance of 18.31 Pesos per USD. Additionally, the Peso is finding support at the at the .236 Fibonacci line from the previous 19.89 pesos/usd high. If the trend continues, the Peso will find itself between 18.8 - 19.5 range by April 8, 2018. However, the USD is finding resistance at 18.98 Pesos per USD line. If this resistance line is broken, then the USD will gain room against the Peso up to the 19.50 target.
This post is for educational purposes only and therefore does not represent trading advice.
This post is for educational purposes only and therefore does not represent trading advice.
Trade closed: stop reached:
The US Dollar broke down against the Peso by exiting on the downside of the descending channel.