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."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)