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 breakdown units weekly opening-range slightly below key pivot zone at 21.2316/2942
- Key near-term assist 20.6789 – Bearish invalidation at monthly-open resistance
The US Greenback is down greater than 0.4% in opposition to the Mexican Peso into the beginning of the week after breaking beneath a key pivot zone on Friday. A well-defined descending technical sample leaves USD/MXN weak to additional losses near-term with the quick deal with a break of the weekly opening-range for steering. These are the up to date targets and invalidation ranges that matter on the USD/MXN technical worth charts. Evaluation my newest Technique Webinar for an in-depth breakdown of this Peso setup and extra.
Begins in:
Dwell now:
Oct 26
( 12:10 GMT )
Dwell Weekly Technique Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
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 the USD/MXN sell-off was, “testing a break of a key pivot zone we’ve been monitoring at 21.2316/2942 – from a buying and selling standpoint, the danger stays tilted to the draw back whereas inside this formation.” Worth slipped beneath this threshold on Friday with the USD/MXN testing this zone as resistance over the previous few days.
Every day assist aims stay unchanged on the 1.618% Fibonacci extension of the decline off the June highs at 20.6788 backed by the 78.6% retracement of the yearly vary at 20.0752. A pivot / shut again above 21.2942 would threat a bigger rebound in the direction of trendline resistance with bearish invalidation now lowered to the target October open at 22.0895.
Mexican Peso Worth Chart – USD/MXN 120min
Notes: A closer take a look at Peso worth motion reveals USD/MXN buying and selling throughout the confines of an descending pitchfork formation extending off the late-September highs with the pair rebounding off median-line assist on Monday. The weekly opening-range is about slightly below the 21.2316-2942resistance zone and we’re on the lookout for the break to supply steering. A break decrease retains the deal with the September low at 20.8377 and 20.6788. A topside breach of the weekly vary would threat a bigger worth restoration with such a state of affairs exposing the 61.8% retracement at 21.5489 and each day slope resistance close to ~21.8500.
Beneficial by Michael Boutros
Obtain Our Newest Quarterly US Greenback Worth Forecasts!
Backside line: The USD/MXN has damaged beneath a key pivot zone however the follow-though seems a bit drained right here. Search for topside exhaustion whereas inside this near-term formation with a break decrease right here maintaining the main target aims into the decrease parallels. In the end a bigger sell-off might provide extra favorable alternatives with a breach above the month-to-month open nonetheless wanted to shift the broader focus increased once more.
For an entire breakdown of Michael’s buying and selling technique, overview his Foundations of Technical Evaluation collection on Building a Trading Strategy
—
Key US / Mexico Knowledge Releases
Financial Calendar – newest financial developments and upcoming occasion threat.
Energetic Technical Setups
— Written by Michael Boutros, Technical Strategist with DailyFX
Observe Michael on Twitter @MBForex