The currency pair of the US Dollar to Mexican Peso USD/MXN continues to move as part of the fall and the long-term downward channel. At the time of publication of the forecast, the US Dollar to Mexican Peso exchange rate is 19.89. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the 20.00 area. Then, as part of the forecast for the pair, the pair is expected to continue falling to the area below the level of 19.40.
Mexican Peso Forecast October 26, 2022
In favor of the decline in the Mexican Peso quotes, a test of the descending trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the bullish correction channel, which was broken down. Cancellation of the USD/MXN fall option on Forex will be a strong growth and a breakdown of the 20.45 area. This will indicate a breakdown of the resistance level and continued growth of quotes to the area above the level of 22.05. It is worth expecting an acceleration in the fall of the pair with the breakdown of the support area and the closing of the quotes of the USD/MXN pair below the level of 19.70, but so far the sellers have not succeeded.
Mexican Peso Forecast October 26, 2022 suggests an attempt to test the resistance area near the level of 20.00. Further, the continuation of the fall to the area below the level of 19.40. An additional signal in favor of a decrease in the pair at Forex will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option to reduce the US Dollar against the Mexican Peso will be a strong growth and a breakdown of the level of 20.45, which will indicate continued growth to the level of 22.05.
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