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Chart of the day – USD/MXN

Blake Morrow Forex Analytix

The USDMXN is developing a long term rounded top formation as it closed back below the 20.0000 level once again today. In light of recent US Dollar weakness, this should not come as much of a surprise that the USDMXN has been trading so heavily.

Technically, the USDMXN is nearing key support at the 19.8400 level after spending the beginning of the year rejecting a long term 50% retracement near the 21.0700 level. The 200dma is near the same level. A break lower would put the 19.0000 big figure level in play.

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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Chart of the day – USD/MXN

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