Mexican Peso rises in line with other risk assets
Technical Analysis: USD/MXN makes higher highs
USD/MXN trades steadily higher within a broader rising channel. It has established an uptrend and given “the trend is your friend” the odds favor longs over shorts.
USD/MXN 4-hour Chart
The pair made a higher high of 19.95 on Thursday, from which it is currently pulling back. Once the correction has finished, however, it will probably resume its uptrend towards a target at the upper channel line in the 20.60s.
That said, the Relative Strength Index (RSI) is making lower highs at the same time as price is making higher highs – a sign of bearish divergence. This suggests an underlying lack of bullish strength in the rally, which could be a warning signal of deeper downside corrections to come.
https://one.exnesstrack.net/a/xfbfc8hw70
Registration Link👆📌
