USD Furthers Gains on EUR ahead of Bernanke Testimony

USD/MXN:

After a volatile breach of the upper border of the Bollinger Bands on the hourly chart, this pair now appears positioned for a steady downward correction. Bouncing from the lower border to the upper border in the 4-hour Bollinger Bands supports this notion. Forex traders can also see that the price is currently floating in the over-bought territory on the 4-hour RSI, and a fresh bearish cross has recently formed on the 4-hour Stochastic (slow). Going short on the Dollar against the Mexican Peso in today’s trading may not be a bad idea.