USD/MXN: Rally nears forecast zone – Societe Generale

Societe Generale’s Latam strategy notes the Mexican Peso (MXN) is heading for its worst month since August 2024, with losses nearing 5% versus the Dollar as higher US yields weigh on risk sentiment. USD/MXN has broken above 17.00, reclaimed its 200-day moving average and is now near the bank’s revised year-end forecast at 18.00, where consolidation around this psychological level is anticipated.

Peso slide approaches key psychological level

"USD/MXN recently crossed a multi-month descending trend line and reclaimed the 200-DMA (17.40/17.35)."

"USD/MXN is now heading towards the peak of March near 18.16, which could be an interim hurdle."

"Beyond 18.16, the next potential objectives could be located at projections around 18.55 and 18.80."

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