USDMXN has been under pressure for a few days now and I am not expecting it to stop soon. The US Dollar has been going down because of expected rates cuts to come this year and the mexican peso still benefits from a tighter monetary policy. Now that the fundamentals are in the favor of a continuation to the downside, we can observe on the daily timeframe the formation of a triangle that has been broken to the downside showing that sellers are in control and that they will probably continue to put more volume pushing price down in the future.
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Approaching target 1
