USD/MXN 1H Chart: Symmetrical triangle prevails
The US Dollar is trading in a symmetrical triangle against the Mexican Peso for the last month. The rate tested an eight-month high of 19.28 on two separate occasions during this time and has been subsequently moving away from this mark.
From technical point of view, the triangle should be breached to the upside. However, given the aforementioned high, this upward movement might prove to be limited.
Technical indicators suggest that the rate is unlikely to move dramatically during the following day or even a week. However, it is still expected that the flat down-trend could be preserved.
A possible downside target that the pair might approach during the following two weeks is the monthly PP circa 18.87.
From technical point of view, the triangle should be breached to the upside. However, given the aforementioned high, this upward movement might prove to be limited.
Technical indicators suggest that the rate is unlikely to move dramatically during the following day or even a week. However, it is still expected that the flat down-trend could be preserved.
A possible downside target that the pair might approach during the following two weeks is the monthly PP circa 18.87.
