USDMXN is about to test multi year triangle support.

It looks like USMCA will be voted on this week and this could put an end to what has seemed like a long process to re-write the previous NAFTA agreement. And since the market has been pricing this for months now, the risk of a move off the 19.000/19.1000 support may be likely in the coming sessions as the market has a lot of key support. The 78% retracement of the most recent run up comes in at the 19.1519 level and trend line support near 19.1000. As you can see, because of the tight nature of the triangle we have been on both sides of the flattened 200dma for months now.

Steve Voulgaridis