Technical analysis: Mexican Peso loses momentum as USD/MXN surges toward 16.50
After diving to a new nine-year low near 16.25, the USD/MXN recovered some ground as the pair aimed above 16.40 and approached the psychological 16.50 area. Once that level is cleared, further upside is seen at last year’s 16.62 mark, followed by the 50-day Simple Moving Average (SMA) at 16.85 and the 100-day SMA at 16.99.
Failure at 16.50 and the USD/MXN could tumble to October’s 2015 low of 16.32 before retesting the year-to-date (YTD) low of 16.25
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