USD/MXN 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair has already recovered all of the losses that occurred during a sell off on 18-19th of September when it fell from 12.99 to 12.58. Despite some neutrality recently, we expect that the pair will resume movement towards the pattern's support which should be hit at 12.92. Some bullishness (as suggested by the medium term technical) could be expected then as it is packed with technical support level. However, eventual breakout should be bearish. Despite the distinctive short and long term bearish moves prior to the pattern, the effects from Fibonacci retracements  seemed ambiguous and we disregarded it.

© Dukascopy Bank SA
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