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Analyst Pick: Staying With USD/MXN

Analyst Pick: Staying With USD/MXN

Kristian Kerr, Sr. Currency Strategist

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.

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