Daily Forex Update: USD/MXN
AutoChartist | Jul 29, 2014 03:11AM ET
USD/MXN continues to rise after the recent breakout of the 4-hour Triangle chart pattern that was earlier identified by Autochartist – as you can see below. USD/MXN is expected to rise to the target level 13.0353 in the nearest time. The stop-level for this forecast can be placed below the breakout level – at 12.9700. This Triangle breakout follows the earlier upward impulse from the support zone between the support level 12.8500, the lower weekly Bollinger Band and 50% Fibonacci Correction of the sharp weekly upward impulse from May of 2013 (as you can see below).
The weekly USD/MXN chart below shows the aforementioned support levels:
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