Technical analysis: Mexican Peso eyes October’s 2015 high
The USD/MXN extended its losses toward the 16.40 region, though bears are gathering momentum with the Relative Strength Index (RSI) moving back below the 35.00 area, opening the door for further gains in the Peso. A breach of 16.43 would expose October’s 2015 low of 16.32, ahead of the 16.00 mark.
On the flip side, If USD/MXN bulls stepped in, they must reclaim 16.70. Once cleared, the next resistance would be the 50-day Simple Moving Average (SMA) at 16.89, with further upside seen at the 100-day SMA at 17.01, ahead of the 200-day SMA at 17.17.
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