Technical analysis: Mexican Peso treads water as USD/MXN clings to 16.90
The USD/MXN downtrend remains in place, as stir resistance lies above the current exchange rate. Even though the Relative Strength Index (RSI) suggests that buyers are gathering momentum, they must clear key supply zones before the pair turns bullish.
The first resistance would be the 100-day Simple Moving Average (SMA) at 16.93, followed by the 17.00 mark. Once cleared, the next supply level would be the 200-day Simple Moving Average at 17.17, followed by the January 23 swing high of 17.38 and the year-to-date high of 17.92
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