USD/MXN can retest a recent pivot high near 20/20.15 – Société Générale

USD/MXN has traded sideways after facing resistance near 20/20.15 in August. A retest of recent pivot high near 20/20.15 is likely; this is a crucial hurdle, Société Générale FX analysts note.

20/20.15 is a crucial hurdle

“USD/MXN has evolved within a sideways consolidation after facing resistance near 20/20.15 in August.”

“It recently defended the confluence of a multi-month ascending trend line and the 50-DMA near 18.95 resulting in a bounce. Daily MACD remains anchored within positive territory denoting prevalence of upward momentum.”

“A retest of recent pivot high near 20/20.15 is likely; this is a crucial hurdle. If the pair establishes above this zone, ongoing uptrend could extend.”