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. See our updated Privacy Policy here.

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
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • El Salvador's adoption of Bitcoin as legal tender has immediate negative implications for the country's credit rating - S&P Global via BBG $BTCUSD #Bitcoin
  • A stellar retail sales report takes the USD to fresh session highs and raises the probability of a more hawkish Fed at next week’s meeting. Get your market update from @JMcQueenFX here:https://t.co/upf3QgIuty https://t.co/SZaPbW5W4r
  • WTI Crude rebounds from intraday slide, turns positive for the session $CL_F #WTI #Oil https://t.co/XYgiTfcX27
  • #Oil Price Outlook: #Crude Breakout Eyes August Highs- $WTI Technicals - $USOil - https://t.co/i8YnZeqEx8 https://t.co/Yu5ySZ1cQb
  • While Gold's -2% slide is turning heads, Silver is taking an even more significant -4% hit - its biggest drop in three months. That said, 22.50 is not a support level to be taken lightly for $XAGUSD https://t.co/ZXbGJElXf6
  • RT @BrendanFaganFx: 74 counterparties take $1.147 trillion at Fed's fixed-rate reverse repo $USD $DXY https://t.co/9ouJNl8oYL
  • AUD/USD attempting to retrace some of its losses following this morning's US retail sales print $AUDUSD https://t.co/yWFEeszHtP
  • The US Dollar has spiked up to a fresh September high this morning on the back of a really strong retail sales report out of the US. Get your market update from @JStanleyFX here:https://t.co/Ve6TuQrMSS https://t.co/qx8BjQdn2Z
  • US Dollar Price Action Setups: EUR/USD, GBP/USD, AUD/USD https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/09/16/US-Dollar-Price-Action-Setups-EUR-USD-EURUSD-GBP-USD-GBPUSD-AUD-USD-AUDUSD.html https://t.co/w262MKMg5c
  • Goldman Sachs upgrades Q3 GDP forecast to 4.5% from 3.5%
Mexican Peso Technical Forecast: USD/MXN Picks Up Buyer Support

Mexican Peso Technical Forecast: USD/MXN Picks Up Buyer Support

Daniela Sabin Hathorn, Analyst

USD/MXNTechnical Forecast: Neutral

Advertisement

Not much has changed in the USD/MXN daily chart since I talked about it last week. In fact, current price remains in the same place where I last left it.

USD/MXN Daily chart

Mexican Peso Technical Forecast: USD/MXN Picks Up Buyer Support

A recovery in the US Dollar from two-a-half-year lows saw USD/MXN pick up slightly towards the end of the first week of January, continuing positive momentum into the first part of this past week. In a new three-week high seen on Monday, the pair seemed ready to push above the 76.4% Fibonacci resistance (20.18) but it lacked enough support and topped out at 20.26 before reversing back to the ten-month low at 19.60.

The Dollar is regaining positive momentum to end the week, which sees USD/MXN in a new attempt to break horizontal support-turned-resistance at 19.87. A break above this level is likely to increase bullish support, leading to a fresh attempt to advance above 20.18, which has been an upper bound for the most part of the last two months.

The Mexican Peso remains vulnerable to a risk-off move, meaning the US Dollar will be picking up safe haven momentum. If this occurs, I would look for a break above 20.50 to start considering price reversal, with a close above the 21.00 line as a confirmation of short-term bullish bias.

As I mentioned last week, the sideways range seen since the beginning of December shows a lack of bearish support at current levels, where multiple stops could have been triggered. This means the descending trendline is now further away from current prices, making it harder to form a strong bearish view.

Looking at technical indicators, the 20-day moving average has flattened out and could be about to cross the 50-day average in a sign that momentum is turning, whilst the stochastic is nearing the oversold area again after having been reset in the bullish correction at the beginning of the week.

--- Written by Daniela Sabin Hathorn, Market Analyst

Follow Daniela on Twitter @HathornSabin

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

DISCLOSURES