Technical analysis: Mexican Peso consolidates as USD/MXN hovers around 16.62
The USD/MXN daily chart portrays the pair as neutrally biased, after achieving a daily close near the 2023 low of 16.62. Despite that, downside risks remain as the latest cycle high at 16.94 reared its head on March 19. Once it’s cleared, the exotic pair would shift to neutral-bullish.
On the upside, the first resistance would be the April 12 high at 16.74. A breach of that level would expose the 50-day Simple Moving Average (SMA) at 16.78, followed by the 100-day SMA at 16.97, before testing 17.00. On the other hand, if USD/MXN slides below 16.62, look for a test of the April 12 low of 16.40
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