The USD MXN is on the move. Is trading forex worth it? Take a look and see what is in store for you to add to your forex account this week. It is all about PIPS, PIPS, and more PIPS …
Daily charts for the USD MXN
The USD continues to exhibit signs of weakness overall in forex and the Mexican Peso may be able to feast upon the notion more bearishness via the Dollar will emerge mid-term. The past few days of trading have certainly seen buying for the USD/MXN, but can it be sustained?
Hourly charts for the USD MXN
The Mexican has moved up 7,197 pips and appears to be on it’s way to the .270 at 22.77813 which would give 1,548 pips. However the rsi is just below the sell zone and has been skimming along as it climbed up. There is more up movement to come however keep a sharp eye for when this pair decided to retrace back towards the up trend line.
Important USD MXN Levels to follow
- Current Resistance: 22.70000.
- Current Support: 22.45000
- High Target: 22.85000
- Low Target: 22.25000
USD MXN in the news
“The USMCA trade deal is now in effect, being positive for Mexico once it maintains trade preference with the USA and Canada.
In case of a faster-than-expected recovery of the USA, there would be perspectives of higher USD inflows to Mexico.
On the other way around, a scenario of more prolonged and/or deeper recession would intensify the pace of MXN depreciation.”Source: FX Street
After 6 up four-hour candles, USD/MXN snaps its streak, falling 196 pips (-0.09%) over the past four-hour candle to close at an exchange rate of 22.63. Relative to other instruments in the Forex asset class, USD/MXN ranked 23rd the last 4 hour candle in terms of percentage price change, according to CFDtrading.com
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