News

USD/MXN to see a significant rebound on a break above June highs of 20.75/20.85 – SocGen

USD/MXN vaulted 20.50 on Wednesday. Economists at Société Générale expect the pair to edge higher towards the June peak of 20.75/20.85.

Consolation above 20.20 is crucial for further rebound

“USD/MXN has established itself above short-term moving averages and has crossed above a multi-month descending trend line. These are signals of a bounce.”

“The pair could head towards June peak of 20.75/20.85 which is also a projection for the rebound. This is an interim resistance. Once overcome, an extended up-move could take shape.”

“Consolation above the trend line at 20.20 will be crucial for further rebound.”

 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.