USD/MXN 1H Chart: Channel Up
- The American Dollar is appreciating against the Mexican Peso in a medium-term and short-term ascending channels.
- At the moment, the channel consists of three reaction highs and three reaction lows and, thus, might be cease to exist in the upcoming days.
- The fact that the currency pair is gradually approaching to the lower trend-line of the senior channel indicates on validity of such scenario.
- The slip to the bottom seems unlikely because the rate proved to be quite sensitive to the 55- and 100-hour SMAs, which are moving along the pattern.
- A number of technical indicators also vote for an ascending movement.
- On the other hand, 60% of traders remain bearish on this currency pair.
- In addition, there is a need to take into account an impact from a release of the US macroeconomic data today and tomorrow.
