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USDMXN Accumulating for an end-of-the-year rise

The USDMXN pair has been trading within a Channel Up since late 2020. The Fibonacci Channel levels help at understanding bettern the Resistance and Support levels involved on each Higher High and Higher Low leg. Right now the price action seems to be about to complete the (3) and final leg of the correction similar to that of August 2021. That was the Accumulation phase that led to an end-of-the-year rally that broke above the Higher Highs trend-line. We believe that a similar pattern will be followed, making the USDMXN a buy opportunity on the long-term.

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TradingShot

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