Technical analysis: Mexican Peso buyers in charge but could shift neutral with USD/MXN clearing 16.70
The USD/MXN remains bearish with sellers eyeing a re-test of the year-to-date (YTD) low of 16.51. Nevertheless, the pair could consolidate at 16.50 as the Relative Strength Index (RSI) remains in bearish territory. But sellers are losing momentum. However, a push below 16.50 would expose the October 2015 low of 16.32, ahead of the 16.00 mark.
On the flip side, If USD/MXN buyers enter, they must lift the exchange rate above the 16.70 area. Once cleared, the next stop would be the 50-day Simple Moving Average (SMA) at 16.94, with further upside seen at the 100-day SMA at 17.04, ahead of the 200-day SMA at 17.18
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