Mexican Peso Futures---The Mexican Peso in the September contract settled last Friday at 5067 while currently trading at 5020 down about 47 points for the week still hovering right near a 2 1/2 half month low. The volatility in the Peso has come to a crawl as we continually grind lower on a weekly basis as I have been recommending a bearish position from around the 5080 level and if you took the trade continue to place the stop loss above the 2 week high which stands at 5137 as an exit strategy.
The chart structure will start to improve in next week's trade as I still believe prices will retest the June 3rd low of 4942 as we await the Federal Reserve chairman announcement on interest rates later this afternoon as that certainly should put some volatility back into this currency.
The United States has some of the highest interest rates in the world even at these incredibly depressed levels, however there are 12 countries worldwide that have negative interest rates as that is bullish the U.S dollar which should mean that the Mexican Peso goes south so continue to play this to the downside as the risk/reward is still in your favor.
CHART STRUCTURE: EXCELLENT
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