USD/MXN could test the low of 2017 around 17.60/45 – SocGen

USD/MXN could test the low of 2017 around 17.60/45 – SocGen USDMXN Banks

The MXN rallied to a trend high of 17.83 against the USD. Economists at Société Générale expect the USD/MXN pair to extend its move downward. “USD/MXN has broken the lows of March denoting persistence in downtrend.”

“The 50-DMA near 18.20 is first resistance. Break above this hurdle is essential to affirm a short-term up move. Failure could mean continuation in downside towards the low of 2017 near 17.60/17.45 which is also the lower limit of a multi month channel.” Information on these pages contains forward-looking statements that involve risks and uncertainties.

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