Daily Forex Update: USD/MXN

Published 10/12/2012, 07:01 AM
USD/MXN today broke the high Quality Falling Wedge chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 8 bar level as a result of the maximum Initial Trend (rated at the 10 bar level) and high Uniformity and Clarity (rated at the 9 and 8 bar levels respectively). This Breakout is aligned with the predominant uptrend visible on the weekly USD/MXN charts. High Initial Trend of this Falling Wedge reflects the strength of the preceding upward price impulse from the major support level 12.6, which reversed the pair sharply up in March of 2012. The bottom of this chart pattern (point E on the chart below) formed close to this support level. The strength of this Breakout is rated by Autochartist at the 6 bar level. The pair is expected to rise further toward the Forecast Price 13.5663.

Ddailyfx 1
The following daily USD/MXN chart shows the previous price action close to the support level 12.60:

Dailyfx 2

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