USD/MXN 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Along with a newly established downtrend, a set of technical indicators point south for USD/MXN, confirming the validity of the motion. A channel down pattern led the rate slide in a flattish motion at first, just before an aggressive break to the downside. Additionally, the neckline of a head and shoulders pattern at 21.86 broke on the second attempt, after it had denied access to levels beneath earlier on. The pair is currently testing the 200-hour SMA at 21.74 along with other significant indicators, leaving just 21.65 below for more action.
© Dukascopy Bank SA
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