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USD/MXN Takes Out Important Price & Time Resistance

USD/MXN Takes Out Important Price & Time Resistance

Kristian Kerr, Sr. Currency Strategist

I have written a lot about USD/MXN lately and the importance of the late September high around 16.3400. Today’s break above this level is potentially very important as it invalidates a major level of resistance from both a time and price perspective. Usually when this sort of thing happens it is a good indication that the underlying trend remains incredibly strong and it is trying re-assert itself. As such, I like buying on any weakness that may materialize next week towards 17.1400. Sustained weakness under 16.9600 would force me to re-think my generally positive view.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.