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Technical Analysis: Currencies
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Mexican Peso
Tue, Mar 3 2009, 11:44 GMT
by Nicole Elliott
Comment: In a world of catastrophic losses, failing giants and clueless politicians everyone and anything can be the next target. Competitive currency devaluations might be the latest cure-all idea, Asia, Eastern Europe and some Latin American ones losing between 5% and 22% versus the US dollar so far this year. Mexico’s currency took a tumble starting October last year, pressure building in this massive ‘right-angled triangle’ pattern since then. Having broken higher to its weakest ever, the measured target is 16.5000/17.0000 because bullish momentum as strong as it was in March 1995, and very long term we would not rule out a high at 18.2500. EUR/MXN should be the next to move on up to our measured target at 21.5000/21.7500.
A weekly close below 14.5000 would force us to review.
Published on Tue, Mar 3 2009, 11:48 GMT
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Mizuho Corporate Bank
| 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk
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