USD/MXN continues to rise after the recent completion of the high quality falling wedge chart pattern identified by Autochartist on the daily charts. The overall quality of this chart pattern is measured at the 8-bar level, which reflects the stronginitial trend (rated at the maximum 10-bar level), average uniformity (5 bars) and higher clarity (6 bars). The completion of this falling wedge continues the prevailing uptrend that can be seen on the daily USD/MXN charts. The bottom of this falling wedge (point E below) formed when the pair reversed up from the strong support area made out of the round price level 13.00 and the upward support trendline from July of last year. The pair is expected to rise further toward the forecast price 13.9279.
USD/MXN" title="Dailyfx 1" width="600" height="248">
As can be seen from the PowerStats chart below, all of the daily expected price range for USD/MXN (from 13.2642 to 13.5228) stands above the broken resistance trendline of the above falling wedge, which adds to the probability that this currency pair will rise further.
USD/MXN Price Range" title="Dailyfx 2" width="500" height="313">
The weekly USD/MXN chart below shows the longer-term picture of this currency pair’s movement:
USD/MXN Weekly" title="Dailyfx 3" width="599" height="644">