USD/MXN 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/MXN looked rather bearish with a double top at 22.01 and several downward sloping patterns guiding the motion south. A senior channel has gained its ground with a multitude of confirmations and solid trend-lines and shows little reason to believe that it might break. The pair has just broken a short-term channel down that has served its purpose to lead the rate to the bottom boundary and initiated a wave north. Immediate resistance lies at 19.20 and will be just one of the many levels that will try to mess with the momentum all the way up. Support rests at 19.13 and we will expect any downside potential to be cut then and there.
© Dukascopy Bank SA
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Wed, 22 Mar 2017 10:51:04 GMT

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