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Our free forex signals service trade today is a buy order on the USD/MXN pair.

The USD/MXN pair continues to stay above a strong support zone, so a bullish pattern may announce a new swing higher. The 20.342 – 20.326 area stopped the downside movement, that’s why I want to search for new USD longs around these levels.

Fundamentally, the USD dropped a little in the short term also because the US Final Wholesale Inventories reported a 1.4% growth versus 1.2% expected. 

Earlier, the NFIB Small Business Index was reported at 98.9 points above 98.6 expected. Also, the IBD/TIPP Economic Optimism could be released as well today. 

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FED Chair Powell Testifies

The USD/MXN pair changed little in the short term, but the Fed Chair Powell Testifies could bring life to this currency pair. Fundamentally, the US inflation data publication could be decisive for the USD tomorrow. The CPI is expected to report a 0.4% growth in December, while the Core CPI could register a 0.5% growth.

From the technical point of view, the pair failed to stay under the descending pitchfork’s median line (ML) or to make a new lower low signaling that the downside movement could be over. Staying above 20.342 – 20326 area and making a valid breakout through the inside sliding line (sl) could announce a strong rally. 

Free forex signals – BUY USD/MXN at 20.419

free forex signals usdmxn

Free forex signals entry price and takes profit

Instrument: USD/MXN

Order Type: BUY STOP

Entry price: 20.419

Stop Loss: 20.306

TP1: 20.644

My Risk: 1%

Risk / Reward Ratio: 1:2

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