Free Forex Signals and Forecast: Buy USD/MXN – 3 Feb 2022
Forex Trading Signals

Free Forex Signals and Forecast: Buy USD/MXN – 3 Feb 2022

Our free forex signals service today is a buy order on the USD/MXN pair. The USD/MXN pair rebounded as the DXY bounced back after its massive drop. Today, the volatility could be really high around the BoE and ECB.

In the short term, the USD remains under pressure despite a temporary appreciation. The Dollar Index was in a corrective phase but now it has started to grow pushing the greenback higher versus its rivals.

The USD appreciated a little only because it was oversold. Fundamentally, the US ADP Non-Farm Employment Change was reported at -301K versus 185K expected.

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US ISM Services PMI 59.5 Expected

Today, the fundamental factors could drive the rate. The US ISM Services PMI is expected to drop from 62.0 to 59.5 points, the Factory Orders may register a 0.4% drop, while the Unemployment Claims are expected at 245K in the previous week. 

Technically, the pair stands within a down channel pattern. As long as it stays under the downtrend line, the rate could come back down. A valid breakout above this dynamic resistance could announce further growth. The USD/MXN pair found support on the descending pitchfork’s median line (ML) signaling potential rebound.

Free forex signals – BUY USD/MXN at 20.677


Free forex signals entry price and takes profit

Instrument: USD/MXN

Order Type: BUY STOP

Entry price: 20.677

Stop Loss: 20.455

TP1: 21.010

My Risk: 1%

Risk / Reward Ratio: 1:1.5

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Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.