USD/MXN 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The Mexican Peso is continuing its recovery against the US Dollar, as, in the aftermath of a fundamental fall of the USD/MXN currency pair, a descending channel pattern has formed. The channel has guided the rate below the support of the 38.20% Fibonacci retracement level, which is located at the 18.9592 level. The currency exchange rate is set to continue the decline, as it can be clearly observed that the channel is aimed at the 23.60% Fibonacci retracement level, which is located at the 18.2304 level. If the depreciation of the Greenback against the Peso continues in accordance with the channel, the just mentioned retracement level would be reached in the second half of April.
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