USD/MXN: Failure to reclaim 17.75 could lead to continuation in downtrend – SocGen

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Economists at Société Générale analyze USD/MXN technical outlook and see the pair moving to 16.95/16.60.

Steady downtrend

USD/MXN downtrend has extended after it struggled to overcome the 50-DMA at 18.00 (now at 17.75). The move is a bit stretched and an initial bounce is not ruled out. However, failure to reclaim the MA near 17.75 could lead to a continuation of the downtrend.

Next potential objectives are located at projections of 16.95/16.60.

See: Brazilian Real and Mexican Peso will remain well supported – Commerzbank