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
Please try again
Oil - US Crude
Wall Street
More View more
Real Time News
  • US Indices have pared some of their losses, with the S&P and Nasdaq trading back in the green. DOW -0.19% NDX +0.39% SPX +0.17% RUT -0.76% $DOW $QQQ $SPY $IWM
  • USD/MXN is in the midst of a bullish breakout from a short-term falling wedge pattern, but this plots in the midst of a much longer-term falling wedge pattern. Get your $USDMX market update from @JStanleyFX here:
  • Italian PM Conte convenes cabinet for Tuesday to inform ministers he is resigning - Cabinet office $EUR Confirming earlier reports
  • Gains on $WTI Crude have stalled out this month below $54.00. The commodity is currently trading around $52.30 after falling to a two-week low late last week. $OIL $USO
  • No notable reaction in BTPs given that resignation from Conte has been touted earlier in order to put together a new government. Also, a resignation does not necessarily mean that a snap election will be the next step as of yet.
  • The retail speculative crowd is throwing around serious weight with GameStop today, but its appetites have been showing through with the likes of Tesla and FAANG before that. The Broader $NDX to $SPX ratio seems to similarly exhibit the charge:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/JPY are at opposite extremes with 66.51%. See the summary chart below and full details and charts on DailyFX:
  • AUD/USD still tracks the opening range for January amid the limited reaction to Australia’s Employment report. Get your $AUDUSD market update from @DavidJSong here:
  • The focus will shift as to whether Conte will search for a new parliamentary majority As a reminder, PD Lawmakers noted that they would guarentee support for Conte as head of new government if he resigns $EUR
  • Italian PM Conte is expected to resign as early as Monday - Officials $EUR
USD/MXN Technical Outlook: USD Weakens More vs Peso as Support Levels Break

USD/MXN Technical Outlook: USD Weakens More vs Peso as Support Levels Break

Paul Robinson, Strategist

USD/MXN Technical Highlights:

  • Dollar strong, risk appetite strong – No Bueno for USD/MXN
  • Support levels keep breaking, with long-term trend-line up next

Dollar strong, risk appetite strong – No Bueno for USD/MXN

USD/MXN has been in a persistent trend since the top created in the spring and support levels keep on breaking, with the 2019 high at 20.25 the most recent level to break. There aren’t any visible horizontal support levels to worry about at this juncture, but there is a minor underside trend-line from July that lies near a trend-line from 2014.

The long-term trend-line is only a “two point” trend-line, meaning it is a trend-line that meets the bare minimum requirement to be a trend-line, so it may not be the sturdiest form of support. It would be a good spot to see USD/MXN hold if the long-term trend is going to remain intact.

A drop to the 2020 low at 18.52 would bring the trend in question, and a break would seriously undermine it and potentially lead to a broader trend reversal. A bearish long-term trend reversal could take a fair amount of time to become clear, but that would be an important technical event to start with.

At this time though the trend is still intact. From a short-term standpoint, risk/reward on fighting the downtrend since the spring appears to be a losing proposition. Support is nearing, but we want to see if this can first attract buyers before getting bulled up. Would-be shorts appear to be in the driver’s seat for now. Watch closely how price reacts if support is reached to determine whether or not to continue running with a bearish bias.

With the USD generally weak/risk appetite generally strong theme persisting, it will take a reversal in that theme/sentiment to bring some life back into USD/MXN.

USD Forecast
USD Forecast
Recommended by Paul Robinson
Check out the Q4 USD Forecast
Get My Guide

USD/MXN Daily Chart (Support breaking, trend clearly down)

USD/MXN daily chart

USD/MXN Weekly Chart (long-term trend being put to the test)

USD/MXN weekly chart

USD/MXN Charts by TradingView

Resources for Forex 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.