I am cautiously short this pair. The channel is clear and just reached its top. There is a channel within but that is more for a short term play.
It might try touching 16.4-16.5 before retreating back to the area close to 16 and below.
Oil is going down and so the currencies that are closely related to it. MXN not as close as CAD or RUB but still getting a hit. MX is not able to do much but as the strength of USD is starting to hurt USA itself so they might try and slow down the process. Possibly this week.
It might try touching 16.4-16.5 before retreating back to the area close to 16 and below.
Oil is going down and so the currencies that are closely related to it. MXN not as close as CAD or RUB but still getting a hit. MX is not able to do much but as the strength of USD is starting to hurt USA itself so they might try and slow down the process. Possibly this week.