USD/MXN 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar most recently depreciated against the Mexican Peso in a descending channel pattern, as the currency exchange rate rebounded from a larger pattern's resistance line and moved to its lower trend line. The larger scale pattern is an ascending channel, which has been active since the beginning of May. Moreover, the currency pair is highly influenced by the Fibonacci retracement levels, which connect the 2016 low level and this year's high level reached recently in the end of September. The outlook for the rate is simple, the USD/MXN is about to meet with strong enough support level, which is going to propel it back up in accordance with the larger pattern. Afterwards, the rate should be monitored for details of the new pattern, while also monitoring the Fibonacci retracements.
© Dukascopy Bank SA
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