USD/MXN can try to reclaim recent pivot high at 20.40 – Société Générale

FXStreet Insights Team FXStreet

USD/MXN has breached the lower limit of its multi-month range denoting risk of persistence in decline, Société Générale's FX analysts note.

USD can also fall towards 19.57 and 19.35

"Next layer of support is located at 19.75/19.68 representing the 200-DMA. Daily MACD is within deep negative territory highlighting a stretched down move. It will be interesting to see if the pair can attempt a bounce and reclaim recent pivot high at 20.40. Inability to defend the MA at 19.68 can result in a deeper pullback towards next projections at 19.57 and 19.35."

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FXStreet Insights Team

FXStreet

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