Today we are revisiting the USDMXN Daily chart, in a previous COTD back in February we looked at the Daily price action and what was a potential shorter-term set up (take a look here.
The Shorter-term set-up didn't pan out on the back of a weaker dollar and more exotic shift on the back of this. But as the Dollar films a little bit we are going to revisit as the longer-term set up still stands.
Taking a look at the chart we can see the price is still very much contained between the two trendlines, the one we are more focused on currently is supporting bullish trendline.
As we can see currently, the price is sitting on top of this particular trend line and it looks like we finding some support here, especially as the Dollar Index ticks higher.
Something else of note is the Analyst forecasts for the USDMXN rate throughout 2019. With on average, Analysts forecasting the USDMXN to end the second quarter of 2019 at $19.24 and then on to $19.47 at the end of the third quarter.
USDMXN
The Shorter-term set-up didn't pan out on the back of a weaker dollar and more exotic shift on the back of this. But as the Dollar films a little bit we are going to revisit as the longer-term set up still stands.
Taking a look at the chart we can see the price is still very much contained between the two trendlines, the one we are more focused on currently is supporting bullish trendline.
As we can see currently, the price is sitting on top of this particular trend line and it looks like we finding some support here, especially as the Dollar Index ticks higher.
Something else of note is the Analyst forecasts for the USDMXN rate throughout 2019. With on average, Analysts forecasting the USDMXN to end the second quarter of 2019 at $19.24 and then on to $19.47 at the end of the third quarter.
USDMXN