USD/MXN has likely formed a tactical bottom after returning above 17.70 and failing to retrace below 17.00 last week, economists at Société Générale report.
Recent pivot low at 17.00 is key support
USD/MXN has staged the expected rebound after carving out higher trough near 17.00 earlier this month. It is now challenging the 200-DMA and the trend line drawn since July 2022 at 17.85/18.00. This could be an intermittent hurdle.
A large downside is not envisaged; recent pivot low at 17.00 is key support.
A move beyond 17.85/18.00 could result in an extended up move towards 18.25 and 18.60, the 76.4% retracement from March.
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