On September 7, the USD/MXN exchange rate entered an ascending channel. This pattern is a part of a longer-term ascending channel which has confined the pair since mid-July.
The rate’s trading range, however, has diminished during the last trading sessions, as apparent by its failure to overcome the 19.2662 mark—its highest level since mid-2015—on two separate occasions.
The US Dollar is currently testing the resistance of the weekly PP, the 55- and 100-hour SMAs at 19.15; the 200-hour SMA and the weekly S1 are located nearby circa 19.03. It is likely that bears pressure the Greenback during this week, resulting in a test of the lower channel boundary near the 19.00 mark.
In general, the rate’s subsequent movement could be tended southwards towards the bottom boundary of the senior channel.
The rate’s trading range, however, has diminished during the last trading sessions, as apparent by its failure to overcome the 19.2662 mark—its highest level since mid-2015—on two separate occasions.
The US Dollar is currently testing the resistance of the weekly PP, the 55- and 100-hour SMAs at 19.15; the 200-hour SMA and the weekly S1 are located nearby circa 19.03. It is likely that bears pressure the Greenback during this week, resulting in a test of the lower channel boundary near the 19.00 mark.
In general, the rate’s subsequent movement could be tended southwards towards the bottom boundary of the senior channel.