USD/MXN slips below range support – Société Générale
Source Fxstreet
USD/MXN has broken below its recent consolidation base, signaling renewed downside momentum, with 18.65 now the key barrier to cap rebounds before the pair potentially extends losses toward 18.15 and 17.80/60, Société Générale's FX analysts note.
Downtrend resumes in USD/MXN
"USD/MXN failed to establish itself above the 50-DMA during its recent rebound attempt and has breached the lower limit of its consolidation range, indicating a resurgence of downward momentum. While a brief bounce is underway, the moving average near 18.65 may cap the upside."
"If USD/MXN is unable to overcome 18.65, the downtrend may extend, with the next objectives at projections of 18.15 and the July 2024 lows of 17.80/17.60."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) steadied on Wednesday after falling nearly 3%, 6%, and 5%, respectively, so far this week.
Gold (XAU/USD) reverses a modest Asian session dip to the $3,750 area and, for now, seems to have stalled its retracement slide from the all-time peak touched the previous day.
One of Wall Street’s largest financial institutions, Morgan Stanley, has announced plans to launch cryptocurrency trading on its E*Trade platform in the first half of 2026.
The USD/JPY pair trades 0.45% higher to near 148.30 during the European trading session on Wednesday.
The Gold price (XAU/USD) trades in positive territory around $3,750 during the early Asian session on Thursday.
Related Instrument
