EDGE Chart of the Day – USDMXN (October 25th, 2023)

<div><p><div><h2 itemprop="headline">The 18.5000 level in USDMXN is more important than you think!</h2><div><div></div></div></div><br />
<section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>The USDMXN 18.5000 level has capped the rally in recent weeks. And you can see the strong descending trend line capping the market. Even the rally this week has tried to keep a “lower high” but we think this is just a byproduct of the descending trend line. A break of the 18.5000 level would target 18.8700, but 20.2100 would be more likely.  While above the 200dma we expect a break of resistance.</p>
<p>You should keep a close eye on the RSI (lower panel) on a breakout. If price moves higher, the RSI could be a good gauge to see if the trend will continue with a confirming move higher, or potential divergence which could signal we hit a near term top between 18.8700 to 20.2100.</p>
<p><img decoding="async" fetchpriority="high" class="alignnone size-full wp-image-10887" src="https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDMXN_2023-10-25_09-19-06.png" alt="" width="1517" height="839" srcset="https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDMXN_2023-10-25_09-19-06.png 1517w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDMXN_2023-10-25_09-19-06-400×221.png 400w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDMXN_2023-10-25_09-19-06-800×442.png 800w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDMXN_2023-10-25_09-19-06-768×425.png 768w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDMXN_2023-10-25_09-19-06-1500×830.png 1500w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDMXN_2023-10-25_09-19-06-705×390.png 705w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDMXN_2023-10-25_09-19-06-450×249.png 450w" sizes="(max-width: 1517px) 100vw, 1517px" /></p>
<p>Blake Morrow</p>
<p>Our EDGE <a href="https://www.forexanalytix.com/blog/category/technical-analysis/chart-of-the-day/">“Chart of the Day”</a> feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, <a href="https://traderfundingprogram.com/?ref=blake">click here to learn more</a>. Trade our money, take 75% of the gains and none of the risk.</p>
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</div></section></p></div><section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>Blake Morrow</p>
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