I was down in Mexico over the past week and most people were commenting about how weak the dollar was against the Peso.
While I was there, the dollar made a move from the low
16S
to $18. Most people kept saying that if it gets to $18-$20, you should sell your dollars to buy more pesos, because the dollar will decline against the peso over the long term. List fundamental reasons here= Mexico economy is getting stronger, US is in massive debt, blah blah blah...
Reality is, the chart tells the truth and to me, it looks like the dollar is forming a bottom for a long-term move higher against the peso.
As long as price stays above the blue trendline, price is heading higher. How high? Maybe 2x?
Let's see.
While I was there, the dollar made a move from the low
16S
to $18. Most people kept saying that if it gets to $18-$20, you should sell your dollars to buy more pesos, because the dollar will decline against the peso over the long term. List fundamental reasons here= Mexico economy is getting stronger, US is in massive debt, blah blah blah... Reality is, the chart tells the truth and to me, it looks like the dollar is forming a bottom for a long-term move higher against the peso.
As long as price stays above the blue trendline, price is heading higher. How high? Maybe 2x?
Let's see.