The USDMXN is probing the long term triangle resistance.
On August 19th we argued that the USDMXN has room to rally to the key resistance we have hit the last couple sessions (read here) but now that we are at key resistance, what now? With the daily RSI divergent, the risk may be for a near term pullback, but one thing would be certain (to me) is that a break above the 20.2000 level could really accelerate a short squeeze above the 20.5000 level. Therefore, shorts must be cautious!
Steve Voulgaridis
