USD/MXN 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is surging against the Mexican Peso in an ascending channel pattern. The pattern formed as a result of the rate rebounding against the lower trend line of the large scale descending channel. Moreover, the short term pattern has broken through the previously active medium term pattern. This means that a new medium term trend is in the formation and about to reveal itself. Due to that reason traders are advised to watch the pair's movements near the borders of the ascending short term channel. However, in general the rate is set to surge for at least a few weeks until it reaches the upper trend line of the large scale descending pattern.
© Dukascopy Bank SA
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