USD/MXN: Failure to hold 18.30 to open up decline towards 17.90/17.60 – SocGen
|The Mexican Peso is the second-best performing EM currency with a gain of nearly 6% YTD. Analysts at Société Générale ponder the possibility of a move below 18.00 in the USD/MXN pair.
50-DMA near 19.00 set to provide resistance
“Whether USD/MXN has a go at 18.00 is probably down to the FOMC minutes and US PCE.”
“The 50-Day Moving Average near 19.00 is likely to provide resistance.”
“Failure to hold 18.30 can lead to persistence in the decline towards the lower band of a multi-month channel near 18.10 and 17.90/17.60.”
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