USD/MXN: DECLINE COULD CONTINUE TOWARDS 17.00 AND JULY/AUGUST LOWS NEAR 16.60 – SOCGEN
Economists at Société Générale analyze USD/MXN technical outlook.
A sharp pullback has taken shape
USD/MXN failed to reclaim the trend line drawn since November 2021 at 18.48/18.60 recently; a sharp pullback has taken shape after this test.
The USD/MXN pair has once again given up its 200-DMA and re-integrated within the previous base. This denotes the possibility of persistence in decline.
Holding below the Moving Average near 17.70, there is a risk of continuation in decline towards 17.00 and July/August lows near 16.60.
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