USD/MXN: Decline likely to persist – SocGen
USD/MXN has experienced a deep pullback after approaching multi-year trend line at 18.48/18.60. Economists at Société Générale analyze the pair’s outlook.
Next supports at 17.00/16.60
USD/MXN failed to reclaim the trend line drawn since November 2021 at 18.48/18.60 recently and this has resulted in a sharp pullback.
The pair has once again given up its 200-DMA and re-integrated within previous base. This denotes upward momentum has disappeared. Inability to reclaim the MA near 17.70 could mean persistence in decline.
Next potential supports are located at 17.00 and July/August lows near 16.60.
Reprinted from FXStreet_id，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.