USD/MXN 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The US Dollar is surging against the Mexican Peso on a medium scale in an ascending channel pattern. Simultaneously the currency exchange rate is also gaining ground in a larger scale ascending channel. The junior pattern is a representation of the pair's rebound against the dominant channel's support line. Meanwhile, the currency rate has revealed itself to be highly affected by the Fibonacci retracement levels, which are measured by connecting the 2016 low and 2017 high levels. The pair is heading for the resistance at 19.53, where it is put up by the 50.00% Fibonacci retracement level. However, the pair is already overbought, as 72% of trader open positions are short. 



  Level  Rationale     Indicator 4H 1D 1W
R4 19.52/53 Trend line; 50.00% Fibo     MACD (12; 26; 9) Buy Buy Sell
R3 19.34/39 Trend line; weekly R2     RSI (14) Neutral Neutral Neutral
R2 19.26 Monthly R1     Stochastic (5; 3; 3) Sell Sell Sell
R1 19.19 Weekly R1     ADX (14) Neutral Buy Neutral
S1 19.06 Trend line     CCI (14) Neutral Sell Neutral
S2 18.97/93 55-period SMA; 38.20% Fibo; weekly PP     AROON (14) Buy Buy Buy
S3 18.89/86 100-period SMA; monthly PP     Alligator (13; 8; 5) Buy Buy Sell
S4 18.82/81 Trend line; 200-period SMA     SAR (0.02; 0.2) Sell Buy Sell
          Aggregate

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