Technical analysis: Mexican Peso gathers momentum as USD/MXN falls below 16.70
The USD/MXN remains downwardly biased after hitting 16.94, last week’s high. Since then, the exotic pair has tumbled 1.45% and is poised to register additional losses. If the pair drops below the current year's low of 16.64, that could clear the path to test last year’s cycle low of 16.62 and October 2015’s low of 16.32.
For a bullish scenario, traders must reclaim the current week’s high of 16.94, ahead of the 17.00 figure. Up next lie key dynamic resistance levels like the 50-day Simple Moving Average (SMA) at 17.01, the 100-day SMA at 17.11, and the 200-day SMA at 17.20
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