Economists at Société Générale analyze USD/MXN technical outlook.
A sharp pullback has taken shape
USD/MXN failed to reclaim the trend line drawn since November 2021 at 18.48/18.60 recently; a sharp pullback has taken shape after this test.
The USD/MXN pair has once again given up its 200-DMA and re-integrated within the previous base. This denotes the possibility of persistence in decline.
Holding below the Moving Average near 17.70, there is a risk of continuation in decline towards 17.00 and July/August lows near 16.60.
Source: https://www.fxstreet.com/news/usd-mxn-decline-could-continue-towards-1700-and-july-august-lows-near-1660-socgen-202311091329