USD/MXN: Ongoing down move to persist on failure to defend 16.60 – SocGen
|Economists at Société Générale analyze USD/MXN technical outlook.
Cross above 200-DMA near 17.00/17.20 crucial to avert one more leg of decline
USD/MXN failed to establish above 200-DMA near 17.20 in recent attempt extending the decline towards last year low of 16.60 which is a potential support.
Daily MACD has been posting positive divergence denoting receding downward momentum but signals of reversal in downtrend are not yet visible.
Cross above the 200-DMA near 17.00/17.20 would be crucial to avert one more leg of decline.
In case the pair fails to defend 16.60, ongoing down move is likely to persist towards next projections at 16.40 and 16.10.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.