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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