Technical analysis: Mexican Peso rally extends as USD/MXN tumbles below 16.90
The USD/MXN downtrend continued, with sellers pushing the exchange rate below the 16.90 figure, opening the door to challenge the current year-to-date low of 16.78, followed by last year’s 16.62. Further downside is seen, once those two levels are cleared, with October’s 2015 low of 16.32.
On the other hand, if buyers reclaim the 17.00 figure, that could open the door to testing the 50-day Simple Moving Average (SMA) at 17.05, followed by the 200-day SMA at 17.24 and the 100-SMA at 17.38
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