News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.45% US 500: 0.20% France 40: -0.10% Germany 30: -0.25% FTSE 100: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/umSIPmSxrY
  • $EURCAD has continued to head lower today, now trading right around the 1.5000 level. The pair hit a fresh one-year low, currently trading at its lowest level since early March of last year. $EUR $CAD https://t.co/Oj9JYasyTU
  • US Indices are rebounding from last week's sell off today. The Dow is leading the way, rising to a fresh all-time high. The Nasdaq remains negative for the day. DOW +2.00% NDX -0.55% SPX +0.91% RUT +1.70% $DIA $QQQ $SPY $IWM
  • Another look at the deviation in 'internal' interest in US equities: the candle is the Nasdaq 100 to S&P 500 ratio ($NDX-$SPX) overlaid with the S&P 500 itself in blue https://t.co/m2WK4Q2Bs5
  • A notable deviation in direction from the tech-heavy Nadex composite (candle) overlaid with the S&P 500 in blue. The 5-day correlation is still holding up but will start deviating fast at this pace https://t.co/VYY5imk1yS
  • $USD has been pretty strong over the past couple of weeks and to a lesser degree, so far in 2021 but we've only retraced about 23.6% of that massive sell-off that started last March $DXY https://t.co/t5KRSYu0TP
  • EUR/USD trades to a fresh yearly low (1.1857) as longer-dated US Treasury yields continue to push above pre-pandemic levels. Get your $EURUSD market update from @DavidJSong here:https://t.co/XWIah8irtj https://t.co/GIXPFZz2qQ
  • USD/MXN has continued to rip in 2021, flying in the face of the bearish trend from 2020. Get your $USDMXN market update from @JStanleyFX here:https://t.co/uePriXERH8 https://t.co/qRjLbgglov
  • $USDMXN strong breakout from the falling wedges that had built coming into this year. Prices now finding resistance at 50% marker of the 2017-2020 major move whether looking for usd strength or weakness, there's attractive items on $USDMXN for either https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/03/08/Mexican-Peso-Price-Forecast-MXN-USDMXN-USD-MXN-Breakout-to-Fibonacci-Resistance.html https://t.co/7TwqgZDXfH https://t.co/ocsiEw3IwC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.37%, while traders in Germany 30 are at opposite extremes with 81.20%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/2V8w40M0zN
USD/MXN Price Outlook: US Dollar vs Mexican Peso- Breakout Stalls

USD/MXN Price Outlook: US Dollar vs Mexican Peso- Breakout Stalls

Michael Boutros, Strategist

Mexican Peso Technical Price Outlook: USD/MXN Trade Levels

  • Mexican Peso updated technical trade levels – Weekly & Daily Charts
  • USD/MXN breakout fails at record intraday highs
  • Immediate long-bias at risk below uptrend resistance / 2017 high

The Mexican Peso has collapsed vs the US Dollar with a major breakout in USD/MXN taking price into three-year highs. The advance faltered today just pips above a key resistance range before pulling back and while the broader outlook remains tilted to the topside, the immediate advance may be vulnerable while below this threshold . These are the updated targets and invalidation levels that matter on the USD/MXN weekly price chart. Review my latest Strategy Webinar for an in-depth breakdown the setupswe’re tracking this week.

Starts in:
Live now:
Mar 10
( 14:03 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Market Check Up with Michael Boutros
Register for webinar
Join now
Webinar has ended

Mexican Peso Price Chart – USD/MXN Weekly

Mexican Peso Price Chart - USD/MXN Weekly - US Dollar vs Mexican Peso Technical Outlook

Chart Prepared by Michael Boutros, Technical Strategist; USD/MXN on Tradingview

Notes: In my last Mexican Peso Price Outlook we noted that USD/MXN was, “broad consolidation formation since the start of the year and we’re looking for a reaction here- from a trading standpoint, the immediate focus is on a breakout of the January range for guidance..” A topside breach of the yearly opening-range highs into the close of February fueled a rally of more than 19% off the yearly lows.

The advance failed today on this last stretch at a key resistance threshold at 21.9167–22.0376 – a region defined by the 2017 high and the 100% extension of the 2017 advance. Note that the upper parallel of an ascending pitchfork formation comes in just lower and although price saw an intraweek breach, the focus remains on the weekly close in relation to 75% parallel of this slope for guidance.

Initial weekly support now seen at the 2018 high week close at 20.6104 backed by 20.0575. Broader bullish invalidation now raised to the 61.8% retracement of the yearly range at 19.8747.

USD Forecast
USD Forecast
Recommended by Michael Boutros
Download Our Latest Quarterly US Dollar Price Forecasts!
Get My Guide

Bottom line: The peso price sell-off has responded to a key technical confluence and the immediate USD/MXN rally may be vulnerable IF prices closes below up-slope resistance. From a trading standpoint, a good spot to reduce long-exposure / raise protective stops – be on the lookout for possible downside exhaustion on a test of the median-line for guidance. Ultimately, a larger peso recovery may offer more favorable entries closer to up-trend support. I’ll publish an updated Mexican Peso Price Outlook once we get further clarity on the near-term USD/MXN technical trade levels.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

---

Key US / Mexico Data Releases

US / Mexico Data Releases - USD/MXN Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk.

Previous Weekly Technical Charts

--- Written by Michael Boutros, Technical Strategist with DailyFX

Follow Michael on Twitter @MBForex

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

DISCLOSURES