Technical analysis: Mexican Peso loses a step as USD/MXN edges high above 16.80
Since falling below the 17.00 figure, the USD/MXN downtrend remains intact. However, it appears that it’s losing steam. As the Relative Strength Index (RSI) studies despite standing in bearish territory, its slope is aiming up, breaking previous lows. This could indicate that buyers are entering the market and opening the door for an upward correction.
Despite that, they need to reclaim the 17.00 figure, which could open the door to testing the 50-day Simple Moving Average (SMA) at 17.04, followed by the confluence of the 200-day SMA and the 100-SMA at 17.23
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