Chart of the day: USD/MXN

Blake Morrow Forex Analytix

Not only did the USD/MXN break the 200dma, but we broke the channel resistance which has kept the pair under pressure since the highs in March and April. We have also pushed past the 50dma as well. Dip buyers will be looking for moves back to the 22.0000 level, but in my experience moves like this could be very one sided. Strong enough not to let shorts out (at a good price) while at the same time not dipping far enough to let longs in (at a good price). RSI is pointing higher, strongly.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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