FxWirePro: Buy Mexican Peso against USD targeting 17.8 area in short term

The election of a new President, Andrés Manuel López Obrador, who has promised to revive the economy with a new beginning including reforming the energy sector, has filled the Mexican Peso with renewed strength in the rising optimism. The peso has significantly strengthened against the USD since the election in July. The peso is currently trading at 18.75 per USD, compared to 21 per USD in June.

Trade idea:

Based on our calculations at FxWirePro, we expect the peso to strengthen further at least ion the shorter term. The election of a new President would be helpful in resolving the current trade dispute between Mexico and the United States. As money can be made going long in the short-term, we would like to urge our readers to long Peso at the current rate of 18.75 with a target of 17.8 per USD with the stop loss around 19.4 area.