Greenback vs Mexican Peso Worth Outlook: USD/MXN Vary Contraction

Mexican Peso Technical Worth Outlook: USD/MXN Close to-term Commerce Ranges

• Mexican Peso up to date technical commerce ranges – Every day & Intraday Charts
• USD/MXN contracting into July opening-range
• Danger for draw back exhaustion above 22.4005– key near-term resistance 23.0007

The US Greenback is fractionally greater towards the Mexican Peso early within the week with USD/MXN rallying 0.5% into the open. Worth has continued to consolidate throughout the month-to-month vary and we’re on the lookout for a breakout within the days forward to supply steerage. These are the up to date targets and invalidation ranges that matter on the USD/MXN technical worth charts. Assessment my newest Weekly Technique Webinar for an in-depth breakdown of this Peso commerce setup and extra.

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Mexican Peso Worth Chart – USD/MXN Every day

Chart Ready by Michael Boutros, Technical Strategist; USD/MXN on Tradingview

Technical Outlook: In my final Mexican Peso Worth Outlook we famous that, “USD/MXN is buying and selling at near-term help early within the week. From a buying and selling standpoint, search for topside exhaustion forward of the higher parallel IF worth is certainly heading decrease with a break under the 22.1495 wanted to gasoline the subsequent leg decrease in worth.” The greenback registered a low at 22.2545 earlier than rebounding off median-line help with worth persevering with to contract into the July opening-range.

Preliminary each day resistance stands with the 61.8% retracement of the late-June decline at 22.8179 with a vital resistance confluence simply greater at 22.9773-23.1089– a area outlined by the target month-to-month open, the 100% extension of the newest advance and the 38.2% retracement of the decline off the document highs. A breach / shut above this threshodl could be wanted to shift the main target greater once more in direction of 23.6189. Vital help regular at 22.0376/1503 – weak spot past this degree would mark resumption of the broader downtrend.

Mexican Peso Worth Chart – USD/MXN 120min

Notes: A closer have a look at Peso worth motion exhibits USD/MXN buying and selling throughout the confines of an ascending pitchfork formation extending off the July lows. A breakout & retest of the late-June trendline fueled a rally into confluence resistance at this time on the 61.8% extension / 25% parallel at 22.7160. Weekly open help now 22.5418 with near-term bullish invalidation set to 22.4005/4378. A breach greater from right here retains the concentrate on 22.8176 backed by 22.6973-23.0007.

Backside line: USD/MXN is contracting throughout the month-to-month opening-range and we’re on the lookout for the breakout to supply steerage. From a buying and selling standpoint, search for help / draw back exhaustion forward of 22.4005 IF worth is heading greater with a breach above 22.8176 wanted to maintain the long-bias viable.

For an entire breakdown of Michael’s buying and selling technique, overview his Foundations of Technical Evaluation sequence on Building a Trading Strategy

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— Written by Michael Boutros, Technical Strategist with DailyFX

Comply with Michael on Twitter @MBForex