The Mexican
Peso along with most of the emerging market currencies has been suffering strong
drops versus the Dollar, but on the 4 hour chart of the USD/MXN we can see how
the Dollar has been losing strength versus the Mexican Peso and it seems like
it has formed a bearish channel. The pair has made some bullish retracements
inside the channel, but the 55 period exponential moving average (purple line),
has acted as a good resistance. That is why now that the price is visiting once
again that moving average, it may act as a resistance and the price may try to
bounce to the downside. If the price bounces to the downside, then the low at
the 16.32 level may act as a support. If it breaks to the upside, the 200
period exponential moving average (blue line), may act as a resistance.
Very good analysis, thanks for sharing.
ReplyDeleteI fully agree with your assessment.
ReplyDeleteGood point.
ReplyDeleteThank you for the analysis.
ReplyDeleteInteresting take, thank you.
ReplyDeleteFrankly I do not follow this currency, will pay much attention, thanks!
ReplyDeleteNice to know that, thank you.
ReplyDeleteVery useful information. Thank you for sharing.
ReplyDelete