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USD MXN Technical Analysis - USD MXN Trading: 2023-02-07
USD/MXN Technical Analysis Summary
Above 19,21
Buy Stop
Below 18,45
Stop Loss
| Indicator | Signal |
| RSI | Buy |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
USD/MXN Chart Analysis
USD/MXN Technical Analysis
On the daily timeframe, USDMXN: D1 went up from the Double Bottom pattern. Some indicators of technical analysis have formed signals for a further increase. We do not rule out a bullish movement if USDMXN: D1 rises above the last high of 19.21. This level can be used as an entry point. Initial risk cap possible below Parabolic signal, latest down fractal and low since April 2018: 18.45. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a trade, can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (18.45) without activating the order (19.21), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Forex - USD/MXN
Investors are looking forward to the next meeting of the Bank of Mexico. Will USDMXN quotes continue to rise?
On February 9, 2023, the next meeting of the Bank of Mexico will take place. Since June 2021, he has raised the rate 13 times in a row - from 4% to the current level of 10.5%. Also on February 9, inflation in Mexico for January 2023 will be published. It is expected to remain at the December level of 7.8% y/y. Note that inflation is not only noticeably lower than the rate, but also below the August-September high of 8.7% y/y. Theoretically, the Bank of Mexico could ease its monetary policy. This will be negative for the peso. However, some market participants are hoping for a rate increase of 0.25% to 10.75%. There will be a lot of secondary economic information in the US this week. At the same time, speeches by various representatives of the Fed are expected, which may affect the dynamics of the US dollar.
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