The currency pair of the US Dollar to Mexican Peso USD/MXN continues to move as part of the growth and formation of the «Wolfe Wave» downward pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Mexican Peso is 22.83. At the moment, we should expect an attempt to test the resistance level near the area of 22.95 and continue the fall of the pair to the area below the level of 21.90, as part of the model development.
USD/MXN forecast Mexican Peso June 26, 2020
In favor of the fall in Mexican Peso quotes, a test of the downward trend line on the relative strength index (RSI) will be made. The second signal will be a rebound from the upper boundary of the «Wolfe Wave». Cancellation of the option of falling USD/MXN on FOREX will be a strong growth and a breakdown of the area of 23.25. This will indicate a breakdown of the resistance level and continued growth of quotations in the area above the level of 24.15. Expect to accelerate the fall of the pair is with the breakdown of the support area and closing of the pair USD/MXN quotes below the level of 22.75.
USD/MXN forecast Mexican Peso June 26, 2020 suggests an attempt to test the resistance area near the level of 22.95. Further, the continuation of the fall to the area below the level of 21.90. An additional signal in favor of reducing 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 the breakdown level of 23.25.
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