USD/MXN: The hurdle at 18.48/18.60 must be overcome to denote a larger uptrend – SocGen

FXStreet Insights Team FXStreet

USD/MXN can see a pullback after approaching trend line near 18.48/18.60, economists at Société Générale report.

Short-term pullback

USD/MXN has experienced a steady rebound after forming a trough near 16.60 earlier this year. It recently overcame the 200-DMA and approached the trend line drawn in November 2021 at 18.48/18.60.

Daily MACD has turned flat and has dipped below its trigger line denoting receding upward momentum.

The hurdle at 18.48/18.60 must be overcome to denote a larger uptrend.

A short-term pullback can’t be ruled out; the MA near 17.70 is likely to be first layer of support.

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FXStreet Insights Team

FXStreet

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