USD/MXN 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
As the US Dollar depreciates against the Mexican Peso in a descending channel pattern, there have been some new developments, which have pressed for the need of a review of the currency exchange rate's movements. A junior descending channel pattern has reached the upper trend line of a dominant channel down pattern. As a result a bounce off is expected, which will most likely afterwards be the initiator of the formation of a much sharper descending pattern. However, the junior pattern's support line might still hold the ground. Either way the currency exchange rate will reach the 23.60% Fibonacci retracement level, which is located at the 18.2296 level.
© Dukascopy Bank SA
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AUD/JPY 4H Chart: Channel Down

The Australian Dollar remains simultaneously in two descending channels against the Japanese Yen, as the currency exchange rate has passed the 23.60% Fibonacci retracement, which is located at the 83.94 level. Most recently the currency pair reached the combined support of the dominant channel's lower trend line and the 38.20% Fibonacci retracement level, which is located at the 81.77 mark.

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