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.



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
Oil - US Crude
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
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 1.25% Gold: 0.18% Oil - US Crude: -0.01% View the performance of all markets via
  • A falling crude oil stockpile is underpinning crude oil prices. Crude inventory fell 1.98 million barrels last week, more than a 1.57 million forecast, according to EIA reports. WTI Crude oil price advanced more than 3% overnight.
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.21% 🇦🇺AUD: 0.19% 🇳🇿NZD: 0.16% 🇬🇧GBP: 0.12% 🇨🇭CHF: 0.11% 🇯🇵JPY: -0.04% View the performance of all markets via
  • #Market Snapshot Risk-on tilt to kick-off a fresh quarter of trade Haven-associated $USD and $JPY losing ground while $AUDUSD and $EURUSD trek higher #SP500 futures following #CrudeOil and the #ASX200 higher $Gold dipping back towards session-lows
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.17%, while traders in Wall Street are at opposite extremes with 65.50%. See the summary chart below and full details and charts on DailyFX:
  • American Airlines say it is planning to furlough 19,000 employees after the government fails to pass its delayed fiscal stimulus follow up. United warned previously it could furlough 12,000 of its employees and Disney laid off 28,000 of its workers. #pandemic
  • GBP/USD was putting together a strong rally yesterday, but fizzled and put price closing in the bottom half of its daily range. Get your $GBPUSD technical analysis from @PaulRobinsonFX here:
  • The Tokyo Stock Exchange said before the opening bell on Thursday that it would suspend trading in all stocks, due to a glitch in its system to distribute market information -
  • What is seasonal change in volatility. Are we going through one right now? Find out:
US Dollar Outlook Bearish vs Mexican Peso, South Korean Won

US Dollar Outlook Bearish vs Mexican Peso, South Korean Won

2020-09-15 01:00:00
Dimitri Zabelin, Analyst

Talking Points: US Dollar, Mexican Peso, South Korean Won, USD/MXN, USD/KRW

  • USD/MXN formed a false bullish Pennant March-May before breaking down
  • Pair broke multi-month support with follow-through, selloff may be extended
  • USD/KRW decline could accelerate if resistance holds and support is broken

USD/MXN Analysis

After forming what appeared to be a bullish Pennant between mid-March and early-May, USD/MXN broke down and proceeded to decline almost 10 percent before bouncing at 21.4134. From there on it traded in a relatively directionless manner until recently. Over the past few days, USD/MXN punctured support at 21.4134 with follow-through.

USD/MXN - Daily Chart

US Dollar Outlook Bearish vs Mexican Peso, South Korean Won

USD/MXN chart created using TradingView

Looking ahead, the next obstacle to clear may be the floor at 20.7621 where the pair experienced some friction during its ascent in early-March. If that too is broken, selling pressure may swell and push USD/MXN lower with an eye at 19.8403. The pair’s weakness appears to be in large part the function of a weaker US Dollar rather than the result of Mexican Peso strength.

Building Confidence in Trading
Building Confidence in Trading
Recommended by Dimitri Zabelin
Don’t give into despair, make a game plan
Get My Guide

Having said that, apart from the last week or so, strong risk appetite has boosted the appeal of relatively risky assets - like those associated with emerging market economies. This dynamic may have also played a role in punishing USD/MX. However, if sentiment turns sour, the pair may trim its losses.

USD/KRW Analysis

The aforementioned dynamic may also apply to USD/KRW. After topping at an 11-year high, unlike USD/MXN - which went through a brief consolidative period - USD/KRW quickly retreated. The pair has been guided lower by descending resistance dating back to the March-top and has recently been pushed lower after attempting to clear it over the past two weeks.

USD/KRW - Daily Chart

US Dollar Outlook Bearish vs Mexican Peso, South Korean Won

USD/KRW chart created using TradingView

Looking ahead, as the space between the slope of depreciation and support at 1177.94 narrows, USD/KRW will have to decide on a directional inclination. If resistance holds and the floor breaks, the pair’s decline may accelerate. Conversely, a break above the descending ceiling with follow-through may precede a buying bout.

--- Written by Dimitri Zabelin, Currency Analyst for

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

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