USD/MXN hovers around 17.20. Economists at Société Générale analyze the pair’s outlook.
200-DMA near 17.60 could cap near-term upside
USD/MXN has staged a steady down move after facing stiff resistance near the trend line drawn since November 2021 at 18.48/18.60. Re-integration within previous base denotes upward momentum has disappeared.
The pair is close to September low of 17.00 which could be a potential support.
The 200-DMA near 17.60 could cap near-term upside.
Below 17.00, next objectives are located at 16.60 and projections of 16.05/15.92.
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