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
EUR/USD
Bearish
Oil - US Crude
Mixed
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
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
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
  • Check out @DailyFX Chief Strategist @JohnKicklighter discuss today’s currency market catalysts driving the dollar index, Euro, Sterling, Yen, and more on today’s Macro Setup with @GuyAdami and @RiskReversal:https://t.co/Dtdx6xBX7q
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 0.06% FTSE 100: -0.10% Germany 30: -0.26% Wall Street: -0.32% France 40: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/cZ9djYlhxo
  • $Nas 100, the test... the zone from 11,570-11,626 was resistance in the $Nasdaq in early Sept & and early Oct. Came back as support last week, held the lows into yday. Now showing potential resistance - but will sellers show up? $QQQ https://t.co/ViENP066Hz https://t.co/h2LYiXGGcW
  • RT @GuyAdami: Profile pictures notwithstanding, this was another worthwhile conversation. Thank you @JohnKicklighter from @DailyFX for join…
  • S&P 500 Price Forecast: SPX Tests Huge Zone at Bull Flag Support https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/10/27/SPX-SPY-ES-Price-Forecast-SPX-Tests-Huge-Zone-at-Bull-Flag-Support.html $SPX $SPY $ES https://t.co/Pu2IgKdY5E
  • ....also, the outlook with a third peak in Covid cases in the US - and spread globally - is going to seriously undermine the sustainability of growth
  • A lot is being made of how remarkable the forecasted 31% increase in US GDP for 3Q would be if we hit the number Thursday, but remember the context. We are coming off a -31.4% plunge. You need an even bigger recovery to get back up to pace starting from a hole https://t.co/oBJKnOVgqu
  • is possible that USD/CAD is trying to carve a higher-low from the September 1 low, but some more work is needed to turn the near-term favorable for taking long-side bets. Get your $USDCAD technical analysis from @PaulRobinsonFX here:https://t.co/qNZxsbcXZO https://t.co/tZbYH8fG2h
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.79%, while traders in EUR/USD are at opposite extremes with 70.03%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/zsLSaHzzOv
  • Heads Up:🇩🇪 Bundesbank Balz Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-27
USD/MXN – US Dollar Quiet on Major Support vs Mexican Peso

USD/MXN – US Dollar Quiet on Major Support vs Mexican Peso

2020-01-16 12:00:00
Paul Robinson, Strategist
Share:

USD/MXN Highlights:

  • USD/MXN big-picture triangle triggered last month
  • Sitting on the 2019 low at 18.74, no buyers (or sellers) yet
  • A drop through to confirm breakdown, else could be a fake-break

USD/MXN has been unusually quiet the past few weeks since breaking down out of a long-term triangle pattern. Given the size and duration of the formation (extending back to early 2017), the breakdown could become a serious threat to the downside.

But before sellers can gain traction, the 2019 low at 18.74 needs to be broken. USD/MXN has been trading on this support level for the past week, but again as said already, the price action is unusually quiet, so and a make or break situation is brewing.

A decline below 18.74 will confirm the December breakdown through the underside trend-line of the triangle, and could very well start ushering in a much stronger move and increased volatility. The next level to watch below 18.74 clocks in around 18.40, then the 2018 low near 17.93.

On the flip-side, a hold here of support and reversal could set into a motion a squeeze higher that ends up negating the bearish break in favor a bullish one at some point. To accomplish this, USD/MXN will need to rally beyond 20 to turn the bearish break into a fake one. More on this later should it come to fruition.

For now, patiently waiting to see if 18.74 can break following this period of unusually tight trading conditions. It shouldn’t be much longer before we see a resolution of some sorts.

USD Forecast
USD Forecast
Recommended by Paul Robinson
Find out where our analysts see USD heading in Q1
Get My Guide

USD/MXN Weekly Chart (bearish break in place)

USDMXN weekly chart

USD/MXN Chart by TradingView

USD/MXN Daily Chart (18.74 is a big level)

USD/MXN daily chart, 18.74 is a big level

USD/MXN Chart by TradingView

***Updates will be provided on the above thoughts and others in the trading/technical outlook webinars held at 1030 GMT on Tuesday and Friday. If you are looking for ideas and feedback on how to improve your overall approach to trading, join me on Thursday each week for the Becoming a Better Trader webinar series.

Resources for Forex & CFD Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES