Kay Van-Petersen
Saxo's global macro strategist Kay Van-Petersen examines the big issues over the next few days for the markets including why Banco de México is a central bank meeting to watch.
Squawk / 10 October 2016 at 7:22 GMT
Blogger / MoreLiver's Daily
The Mexican peso: I suggested on September 27 that the USDMXN has room to fall: the USDMXN could fall towards the rising trendline. (see )

An update:

Chart 1: daily chart shows the rising trendline, still projected to be around 18.5

Chart 2: hourly chart shows the first support level at 19.00 has been reached and that the pair is at the bottom of the falling trend channel.

Chart 3: same as 2, but zoomed-in.

Now is probably a good time to exit some or all USDMXN shorts. While the fall from 19.55 to 19.00 is already a hefty gain, the trend for the pair remains up, and I don't like positions that are against the direction of the underlying trend.

Better to take the profits on USDMXN shorts now, and wait for a good opportunity to go long the USDMXN at a later point.
asousa27 asousa27
Very good call Juhani!


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