USD/MXN 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar still remains in the previously already twice reviewed descending channel pattern against the Mexican Peso. The rate is already approaching the 38.20% Fibonacci retracement level, which is located at the 18.9579 level. The Fibonacci retracement levels are measured on this pair by connecting the 2016 low and high levels. The rate is most likely set to stop the decline at the retracement level, as it is also supported by the monthly S2 at 18.9504 and the weekly S3 at the 18.9189 level. Moreover, at the moment the lower trend line of the channel is also close by, as it is located at the 18.8770 level.
© Dukascopy Bank SA
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