USD/MXN is fighting with resistance

USD/MXN is fighting with resistance

Trade ideas

BUY 19.64; TP 19.78; SL 19.60

SELL 19.48; TP 19.42; SL 19.50

USD/MXN has been strengthening since the start of November, although you can notice by looking at the chart that the advance hasn’t been smooth. During the recent days, the price has been trading in a kind of a “rising wedge”. This week the pair’s upside got limited by 19.5872. The next level to watch above it is 19.6345 (50% Fibonacci retracement of the August-October decline). If USD/MXN  manages to overcome the resistance and fix above this point, it will have a chance to get up to 19.78 (61.8% Fibo). On the downside, the return below 19.4870 can open the way for a correction to 19.4120 (100-day MA).

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Similar

AUD/CHF suffered losses

The attempt of AUD/CHF to overcome 0.6800 so far hasn’t been successful. The pair formed a “spinning top” candlestick on the D1 on Tuesday.

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