The general trend for MXNUSD has been bearish.
I initially forecasted a target of 18.50 or lower but the market has set 18.54 as a strong floor which has broken much of the downwards momentum.
We are starting to see a recovery since the price reached the days low at 18.52 and its beginning to form something of a bullish channel. I would expect the price will continue to respect the key resistance zones but if we don't see any attempt to return to the 18.52 low, I expect a confirmation of the bullish trend soon.
I initially forecasted a target of 18.50 or lower but the market has set 18.54 as a strong floor which has broken much of the downwards momentum.
We are starting to see a recovery since the price reached the days low at 18.52 and its beginning to form something of a bullish channel. I would expect the price will continue to respect the key resistance zones but if we don't see any attempt to return to the 18.52 low, I expect a confirmation of the bullish trend soon.
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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.