Societe Generale notes USD/MXN downside pressure persists as the pair struggles below its 200-day moving average.
The Mexican Peso resumed its bullish trend against the US Dollar after USD/MXN failed to break above its 200-day moving average. Downside momentum remains intact, with the pair testing the lower end of a multi-month range.
Resistance is pegged at 17.17, while projected downside targets include 16.65. The failure to sustain gains above the 200-day average reinforces near-term bearish sentiment for the pair.
No immediate market reaction was specified, but the technical outlook suggests further weakness in USD/MXN.