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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Wall Street
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
  • Support and resistance are the cornerstone of technical analysis, making it the foundation that you build your knowledge on. Build a stronger foundation here:
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here:
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
  • Do you know the difference between investing and trading? Because while the goal might seem the same, they're very different things . Learn more here.
  • The Canadian Dollar remains supported amid elevated crude oil prices. Don’t be surprised if the Bank of Canada disappoints aggressive hawkish expectations. Earnings season is a wildcard. Get your weekly Loonie forecast from @ddubrovskyFX here:
  • Rather than focusing on earning a specific number of pips per day, traders need to focus on what can be controlled. In trading terms this relates to following a strategy perfectly, with no emotion or hesitation. Learn more here:
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here:
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here:
  • The European Central Bank will consider it a job well done if there is no movement in EUR/USD or the Euro crosses before, during or after Thursday’s policy announcements by its Governing Council. Get your weekly Euro forecast from @MartinSEssex here:
  • Further your forex knowledge and gain insights from our expert analysts @ddubrovskyFX and @FxWestwater on JPY with our free Q4 market analysis guide, available for free today.
USD/MXN – US Dollar vs Mexican Peso, Weakness Set to Continue

USD/MXN – US Dollar vs Mexican Peso, Weakness Set to Continue

Paul Robinson, Strategist

USD/MXN Highlights:

  • USD/MXN remains very heavy, ready for new cycle lows
  • It’s been a steady path lower, more of the same expected
  • A spike in fear across markets needed to jolt USD higher

USD/MXN remains very heavy, ready for new cycle lows

Price action in USD/MXN has been a real grind, and it’s taking quite a bit to get the Dollar to rise against the much higher yielding Mexican Peso. This is expected to remain the case as long as there isn’t reason to peel off risk in financial markets in a major way, and take the other side of this carry trade.

The grinding downward price action continued this week just after posting a modestly bullish weekly reversal candle last week. Next up in line as support is the August 2018 low at 18.40, followed by the 2018 low, itself, just under 17.94.

These downward grinding moves can lead to momentum with enough time as dip-buyers eventually give up and sellers start to gain firm control. If we don’t see any significant risk-off type event, then this could be the case very soon. An acceleration would be welcomed as it frees up price from the recent congestion, providing a cleaner path to trade.

Keep in the mind the context of the current down-move following the break of a long-term wedge dating back to 2017. If selling starts to pick up, not only will the 2018 lows quickly near, but given the size of the wedge pattern, the 2017 low at 17.44 and worse could come into view in fast order.

To dampen the bearish outlook, a strong rally (likely driven by risk-off) is needed to push USD/MXN at least above 18.97. This won’t turn the picture broadly bullish given price will still be outside the wedge, but it will help build the case for further upside, or at the very least keep shorts at bay.

USD/MXN Daily Chart (could start to break free from congestion)

USD/MXN daily chart

USD/MXN Chart by TradingView

USD/MXN Weekly Chart (remains broken outside of long-term wedge)

USD/MXN weekly chart

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.