Technical analysis: Mexican Peso on backfoot as USD/MXN rallies toward 200-day SMA
The Mexican Peso loses traction as the USD/MXN aims toward the 200-day Simple Moving Average (SMA) at 17.16. Once surpassed, this SMA clears the way for buyers to push prices toward the January 23 high at 17.38. The next resistance would be December 5’s 17.56 and the 18.00 figure.
Although the exotic pair trades below the 200-day SMA, the Relative Strength Index (RSI) shows that bullish momentum is growing, which means that shorts are vulnerable to a short squeeze.
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