USD/MXN continues to show a constructive bullish setup.
On the daily chart, the market is building a potential triple bottom around the 17.14 area. On the 4-hour chart, price action is also showing a series of higher reactions from the same support zone.
The key level to watch is 17.60. A clean break above that area could open the door for a move toward 18.03.
I still like the setup for medium-term long positions, especially while price continues to hold above the recent bottom area.
Target: 18.03
Key resistance: 17.60
Invalidation: strong close below 17.14
The chart is not screaming yet, but it is getting harder to ignore.
#USDMXN #Forex #FX #TechnicalAnalysis #TradingView #MexicanPeso #USDollar #RiskManagement #Hedging
On the daily chart, the market is building a potential triple bottom around the 17.14 area. On the 4-hour chart, price action is also showing a series of higher reactions from the same support zone.
The key level to watch is 17.60. A clean break above that area could open the door for a move toward 18.03.
I still like the setup for medium-term long positions, especially while price continues to hold above the recent bottom area.
Target: 18.03
Key resistance: 17.60
Invalidation: strong close below 17.14
The chart is not screaming yet, but it is getting harder to ignore.
#USDMXN #Forex #FX #TechnicalAnalysis #TradingView #MexicanPeso #USDollar #RiskManagement #Hedging
Luis Nicolau
Derivatives Trader
Derivatives Trader
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Luis Nicolau
Derivatives Trader
Derivatives Trader
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.