USD/MXN: Clear uptrend – Credit Suisse

USD/MXN remains in a clear uptrend and looks set to complete a bull ‘triangle’ in due course, per Credit Suisse.

Key quotes

“With weekly RSI momentum still close to overbought territory and short term indicators looking exhausted, we look for the current converging range to persist for the coming weeks, however, this range looks increasingly like a bullish ‘triangle’ continuation pattern, which suggests the uptrend will eventually resume.”

 “Above 25.79 is needed to add weight to this view and complete the ‘triangle’ for a move to 26.26, ahead of 27.00, where we would expect to see fresh sellers at first.”

“Support is seen at 22.84, ahead of the 55-day average at 22.20, which ideally hold to keep the upside bias intact.”