USD/MXN Forecast Today 02/09: Peso Holds Range (Video)

(MENAFN- Daily Forex) During the trading session on Monday, it was Labor Day in the United States. And I would point this out in this market, along with everything else, but here it\u0026#39;s particularly prescient reason for that is that a majority of the volume transacted in this pair is in the North American session, which means the biggest by a wide margin of players in North America wasn\u0026#39;t even bothering to press buttons during the day\u0026#39;ll note that the US dollar initially fell against the Mexican peso but has come right back up to the 18.65 area where we\u0026#39;ve been going sideways for five trading sessions now. It is worth noting that the 50 day EMA is sitting just above and has been respected for several months.A Few Levels\u0026hellip; Top Forex Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: SidebarBrokerListAmount, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, });But the 18.5 level underneath has been respected as support. I think we\u0026#39;re in the midst of trying to make a bigger decision here. On a daily close below 18.5, I think you will go down to 18 next. On the other hand, if we rally from here, if we were to clear the 19 level on a daily close, then you could start to have the conversation of maybe the trend is changing. The question of course is why would it change?US EconomyWell, if we have a significant amount of economic pain in the United States, Mexico is heavily reliant on its exports to the U.S. Most people don\u0026#39;t realize this, but Mexico is actually the number one exporter to the United States. It\u0026#39;s not China. So, think about it because your biggest customer lost his job. That causes major problems for your store and in this case, the Mexican economy. EURUSD Chart by TradingView I think we are in a bit of a holding pattern, but we do have a range here where if we break higher or lower, we have clear signals at a couple of levels. If you are patient enough, it should present itself as a nice swing trade. Do keep in mind though, you get paid to short this pair, not to buy it as the Mexican peso offers such a high interest rate.

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