USD/MXN remains under pressure

USD/MXN remains under pressure

Trade idea

SELL at 19.06; TP 19.00; SL 19.08

USD/MXN is testing levels below 50-week MA (19.2130) and is vulnerable for a slide to the 100-week MA (18.9090).

USDMXNWeekly.png

The pair is trading within a narrow rapid downtrend channel on D1. The next level of attraction is the 78.6% Fibo retracement in the 18.95 area. USD/MXN will find support in this area as it’s already quite oversold. That's why we chose more conservative targets for the trade.

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