USD/MXN 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The recent recovery in the Mexican Peso against the US Dollar is represented by a descending channel pattern. However, the pattern is about to become obsolete, as the currency exchange rate has already reached a larger scale ascending channel's lower trend line and rebounded against it. Due to that the Greenback is set to continue its surge against the Mexican Peso. In addition, the US Dollar is already oversold against the Peso, as 73.47% of trader open positions are short. Although, this currency pair has been more affected by the fundamental events in North America. Because of that traders are advised to combine technical and fundamental analysis, while trading the USD/MXN currency pair.
© Dukascopy Bank SA
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Wed, 01 Feb 2017 09:10:09 GMT

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