The USD/MXN slid below the 17.10 area, hoovering around the 50-day Simple Moving Average (SMA) after posting back-to-back days of losses. Even though the pair dipped to a three-day low at 17.04, it remains trading sideways, awaiting a fresh catalyst to gather direction.
If sellers drag the spot price below the 17.00 figure, that will pave the way to test the current year-to-date low of 16.78, followed by the 2023 low of 16.62. Otherwise, buyers moving in could lift the USD/MXN above 17.10, followed by the psychological 17.20 figure, ahead of key resistance levels seen at the 200-day SMA at 17.26 and the 100-day SMA at 17.33
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