USD/MXN Forex Forecast 17/04: Faces Selling Pressure (Chart)

(MENAFN- Daily Forex) The US dollar is trying to turn the tide against the Mexican peso at the moment, but I believe it will only offer a selling opportunity US dollar currently finds itself hanging around the 17.27 Mexican pesos level, which we got here fairly quickly about a week ago and then have been grinding back and forth does make a certain amount of sense as this is an area that has a lot of market memory attached to it. After all, it\u0026#39;s where we bottomed in late February during the war and then shot straight up in the air in mind that the USD/MXN pair is highly influenced by risk appetite and to a lesser extent, the global supply chain, as Mexico is the number one exporter to the United States and is considered to be an emerging market. Top Regulated 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, });The Role of Risk AppetiteRisk appetite comes into play here. The better the risk appetite is typically speaking, the further this pair will fall. It\u0026#39;s worth noting that the 17 level below is a fairly significant support level and therefore a little bit of a bounce should not be a huge surprise. After all, this pair has fallen rather significantly over the last year and a half or so and therefore sooner or later you have to get a pullback\u0026#39;s exactly what I\u0026#39;m looking for here because you get paid swap at the end of the day if you short this pair. The 17.50 level above for me is a barrier that I think sellers probably defend. After that, we have the 50-day EMA at the 17.60 level. The 17 level being broken to the downside could open up 16.50, but right now I would rather have a little bit more room to maneuver with in this pair in order to start selling again. While I do believe that this is a market that eventually sees sellers come back, I just want to start shorting from a higher price. EURUSD Chart by TradingView

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