Mexican Peso: Bullish trend resumes against US Dollar - Societe Generale
Societe Generale’s Kenneth Broux highlights that USD/MXN failed to clear its 200‑day moving average, keeping downside momentum intact. The pair is attempting to break the lower end of a multi‑month range, with resistance at 17.17 and projected downside objectives at 16.65 and 16.50/16.25.
Societe Generale's Kenneth Broux points out that USD/MXN failed to surpass its 200-day moving average, maintaining bearish momentum. The currency pair is striving to break the lower end of a multi-month range, with resistance at 17.17 and potential downside targets at 16.65 and 16.50/16.25. Carry demand and low volatility are aiding the Mexican Peso in the broader emerging market context.
The USD/MXN pair failed to break through the 200-day moving average during a recent rebound attempt, suggesting that the downtrend may be resuming. The pair is attempting to break the lower limit of its multi-month range, signaling that the downtrend may continue. The previous high of 17.17 serves as the initial resistance, and failing to surpass this level could prolong the decline. The next targets could be 16.65 and the range of 16.50/16.25.
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