Mexican Peso: Watching support for reversal signal against US Dollar – Societe Generale
Societe Generale analysts report USD/MXN has extended its rebound after reclaiming the 200-day moving average near 17.40 and posting an interim high around 18.43. A brief pullback is underway, with attention on whether a base forms for a more durable reversal. First support at 17.68 and the 200-DMA at 17.40 are key downside levels to monitor.
Rebound tests key support levels
"USD/MXN has extended its rebound after reclaiming the 200-DMA (currently near 17.40)."
"The pair carved out an interim high around 18.43 last week, and a brief pullback is now taking shape."
"It will be important to monitor whether USD/MXN develops a base and gradually attempts a more durable reversal."
"First support is located at the June peak of 17.68."
"If this gives way, the decline could extend towards the 200-DMA near 17.40."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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