USD/MXN 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
USD/MXN set an all-time high of 21.97 in January 2016, but then the Mexican Peso managed to depreciate and the pair extended a steep downfall which has lasted for three months already. The rate has, however, now sketched a falling wedge on the daily chart and recovered some of the previous bullish potential. The wedge is expected to break around 19.14 to the upside and would open the way for tests of 19.26, the 20-day EMA. Immediate support lies at 19.61 and is unlikely to give access to levels below, at least not before decent tests of the area.
© Dukascopy Bank SA
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