The Mexican Peso is rising in line with upbeat sentiment on Thursday. The move comes after the Peso made gains on Wednesday despite the passing of controversial judiciary reforms in Mexico. USD/MXN breaks down from its rising bullish channel, indicating potentially more weakness on the horizon. The Mexican Peso continues rising in its most heavily traded pairs on Thursday, building on the 1.4% to 1.7% gains of the previous day.
The breakdown indicates more weakness probably on the horizon for the pair. USD/MXN 4-hour Chart According to technical analysis, the breakout from the channel activates a downside target at 19.62, the 0.618 Fibonacci extension of the height of the channel extrapolated to the downside. More bearishness could even see prices fall to around the 19.50 mark, the 1.000 ratio Fib extension, and the key support level from the August 22 swing high.