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Analyst Pick: Staying With USD/MXN

Analyst Pick: Staying With USD/MXN

2016-01-07 17:05:00
Kristian Kerr, Sr. Currency Strategist
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It has been a few weeks since my last update. In that Analyst Pick I was looking to buy USD/MXN on weakness towards 17.1400 following the break of the important September high around 17.3400. I ended up getting the retracement I was looking for and actually got perilously close to getting stopped out as the exchange rate probed a few times below my key 16.9600 level. Luckily it never settled below it. Since then, USD/MXN has traded fairly steadily higher to record new all-time highs. I like taking profit on the position around current levels and moving the stop on the remainder to around cost.

Long USD/MXN from around 17.1400. Took profit on ½ position around current levels (spot reference 17.6560) and raised stop on remaining position to cost.

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