USDMXN: WEEKLY SCENARIO – 11 February 2022

USDMXN Technical Analysis: Weekly Chart

In the weekly charts, USDMXN is trading in an up channel.

It is trading below 20 and 100 days SMA & above 50 days SMA.

The immediate support is 20.2524 & the resistance level is at 20.7336.

USDMXN is trading in the up channel until there is a trend reversal

USDMXN Technical Analysis: Daily Chart

In the daily charts, USDMXN is trading in a down channel.

It is trading below all SMA.

The immediate support is 20.4298 & the resistance level is 20.6440.

USDMXN is trading in the down-channel until there is a trend reversal.  

How to Trade USDMXN this Week:

USDMXN will follow the downtrend until their trend reversal. So, remain bearish on USDMXN.

TRADE SUGGESTION- SELL AT 20.4821, TAKE PROFIT AT 20.4298 AND STOP-LOSS AT 20.6440