The Mexican Peso edges higher as interest rates in Mexico are expected to remain elevated. Relatively higher interest rates attract higher inflows of foreign capital. USD/MXN consolidates in its downtrend after a breakout. More downside is expected. The Mexican Peso trades slightly higher in its major pairs on Monday, continuing to benefit from relatively higher interest rate expectations in Mexico following last week’s central bank decision. USD/MXN is exchanging hands at 16.76, EUR/MXN at 18.
The breakout of the range – which could also possibly be interpreted as a descending triangle pattern –was a decisive technical development that suggests a protracted move lower. USD/MXN 4-hour Chart A conservative target for the breakout lies at 16.54, the 0.681 Fibonacci ratio of the height of the range extrapolated lower. This is followed by 16.34, the full height of the range extrapolated lower.
Source: Loan Digest (loandigest.net)
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