USD/MXN Price Forecast: Bears eye 17.00 as downtrend stretches
The USD/MXN extends its downtrend for the 14th straight day, down a minimal 0.08% as the Mexican Peso hovers near a 24-month low of 17.01 on Thursday.
The USD/MXN currency pair has continued its downward trend for the 14th consecutive day, trading near a 24-month low of 17.01 on Thursday. Recent US inflation data has left traders cautious as the pair trades below 17.05. The market is marked by lower highs and lower lows, and a breach below 17.00 could signal further declines. The Relative Strength Index (RSI) suggests the downtrend might be weakening.
If the USD/MXN falls below 17.00, it could potentially reach May's 2024 monthly low of 16.52 and April's low of 16.26. Conversely, a rise above the 50-day and 100-day SMAs could support a rally towards 17.50. Factors such as Mexican economic performance, central bank policies, foreign investment, and geopolitical events influence the Mexican Peso's value.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
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