USD/MXN is trading slow and choppy in a contracting range, which looks like an ongoing Elliott wave triangle in wave four, so we think that weakness will resume after a-b-c-d-e completed sub-waves. Price can now be in wave d that can look for some temporary support around the lower trendline of the pattern.
For a mid-term perspective we are bearish, and looking beneath June levels.
USD/MXN 4h
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