The US dollar initially rallied against the Mexican peso, reaching the 20.50 pesos level, an area that I pointed out previously.
The US dollar exploded to the upside during the trading session against the Mexican peso, validating the uptrend line underneath, and perhaps even more importantly, the 20 pesos level.
The US dollar fell against the Mexican peso during trading on Wednesday, slamming into the 50 day EMA which coincides quite nicely with the 20 pesos level.
The US dollar broke down a bit during the trading session on Tuesday, reaching towards the 20.1665 level, touching the uptrend line of the rising wedge that I have marked on the chart.
The US dollar was very choppy during trading on Monday as traders came back to work.
The US dollar fell a bit against the Mexican peso on Friday after the jobs report was released.
Get the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of June 24, 2018.
The difference between success and failure in Forex trading is very likely to depend upon which currency pairs you choose to trade each week
At the start of this week, in my “pairs in focus” item, I highlighted some potential trading opportunities I saw as likely to come along this week, including long USD/MXN (shorting the Mexican Peso).
Get the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of June 4, 2018.
The US dollar fell again against the Mexican peso during the session on Thursday as the 18.50 level offers quite a bit of resistance.
During the day on Thursday, we saw the US dollar fall a bit against the Mexican peso, but we did also see the 18 handle offer a bit of support yet again.
During the session on Friday, we get the Nonfarm Payroll Numbers out of the United States, so that of course will have a significant effect on what goes on with the US dollar.
The USD/MXN pair had a very strong session again on Thursday, following an extraordinarily strong session on Wednesday.
Stay up to date for the trading year ahead with our Forex forecast for the USD/MXN pair.
The USD/MXN pair continues to grind its way higher over the last several months, and we don’t think that January will be any different.
The USD/MXN pair continued to go sideways during the course of November, using the 16.40 level as support.
The USD/MXN pair initially tried to fall during the day on Wednesday, but the 16.70 level continues to attract buyers as this market is currently grinding sideways.
The USD/MXN pair fell initially during the course of the day on Wednesday, but turned back around near the 16.72 handle.
The USD/MXN pair fell initially during the course of the day on Friday, but found enough support near the 16.4 level to turn things back around and bounce.