Technical analysis: Mexican Peso depreciates sharply, USD/MXN pierces 17.00
The USD/MXN daily chart shows that the pair has shifted to a neutral/upward bias as the Mexican currency tumbles and depreciates past the 17.00 figure. On its way Daily digest market movers: Mexican Peso loses traction on risk aversionnorth, the pair has broken key resistance levels. These include the 50 and 100-day moving averages (DMAs), each at 16.81 and 17.03, which could pave the way for further upside.
The next resistance would be the 200-DMA at 17.16. Once cleared, that could pave the way to challenging the January 17 high at 17.38 before testing the 17.50 psychological level. On the other hand, if USD/MXN slides below 17.00, look for a pullback toward last year’s low of 16.62, followed by the April 12 low of 16.40.
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