USD/MXN to drift towards next potential supports at 17.00/16.60 – SocGen
USD/MXN is drifting towards 17.00/16.60, economists at Société Générale report.
18.00 is near term hurdle
USD/MXN rebound petered out near the trend line drawn since November 2021 at 18.48/18.60. This test has resulted in a sharp pullback.
The pair has given up its 200-Day Moving Average and re-integrated within the previous base. This denotes upward momentum has disappeared.
USD/MXN is expected to drift towards the next potential supports at 17.00 and July/August lows near 16.60.
Recent pivot high near 18.00 is near term hurdle.