Patterns: USD/MXN, USD/THB
|USD/MXN 4H Chart: Jumps to 18.50 mark
The US Dollar recently gained massively against the Mexican Peso. That occurred mainly due to the political turmoil around the Mexican Presidential election, which caused a sudden fall in the value of the Peso.
However, the surge was stopped by a resistance line of a speculated ascending channel pattern at the 18.50 mark. Although, the psychological significance of this level might also have played a role.
Due to that reason a descent should be expected. However, the pair is set to face the support of the 200-period SMA and the monthly PP, respectively, at 18.41 and 18.45.
USD/THB 4H Chart: Breaks long term SMAs
There is something about the USD/THB pair that you can observe only by changing the time frames of the charts while having set up them to show the 200-period simple moving average.
Namely, the most important is the fact that the currency exchange rate has passed the 200-day SMA, which has kept the pair lower since the start of 2017. In addition, the four hour time frame 200-period simple moving average has recently been broken.
As a result of these moves in a combination with the passing of the weekly R1, the rate began a surge. The surge is set to be paused by a monthly pivot point at 31.30. However, above that there is almost nothing until 31.40.
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