Technical analysis: Mexican Peso succumbs to the Greenback, USD/MXN rallies toward 16.60s
The USD/MXN remains downwardly biased despite printing a leg up toward the 16.70 area. Although buyers have lifted the exchange rate to current levels, they must reclaim the 50-day Simple Moving Average (SMA) at 16.82 to have a chance of challenging the 17.00 figure. Once those two levels are cleared, the next stop would be the 200-day SMA at 17.16 before aiming toward the psychological 17.50 mark.
On the other hand, if the USD/MXN tumbles below 16.50, that could pave the way to challenging October’s 2015 low of 16.32 before retesting the year-to-date (YTD) low of 16.25
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