Technical analysis: Mexican Peso is on the backfoot as USD/MXN edges toward the 16.60 region
The USD/MXN posted a reversal after dropping to a multi-year low of 16.51, with buyers emerging at around those levels, lifting the exchange rate to the 16.60 region. Nevertheless, they’re facing strong resistance at the previous year's low of 16.62, which turned resistance. A breach of the latter will expose January’s monthly low of 16.78, followed by the March 19 high at 16.94. Up next would be the 50-day Simple Moving Average (SMA) at 16.97.
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