The USD/MXN pair struggles to gain any meaningful traction on Monday and oscillates in a narrow band, around the 17.0500 area through the Asian sessio
n. The technical setup, meanwhile, seems tilted in favour of bearish traders and suggests that the path of least resistance for spot prices is to the downside.
Friday's breakdown below the 17.0800-17.0850 confluence, comprising the 200-hour Simple Moving Average and an ascending trend line extending from the August 10 swing low, validates the negative outlook for the USD/MXN pair. Moreover, oscillators on hourly charts have again started gaining negative traction and support prospects for some meaningful intraday downfall.
On the flip side, the 200-hour SMA, currently pegged near the 17.0800 level, might now act as an immediate barrier ahead of the ascending trend-line support breakpoint, near the 17.1100 region. This is followed by the 17.1610-17.1615 supply zone and the 17.1900 barrier, above which a fresh bout of a short-covering could lift the USD/MXN towards the 17.2835 zone en route to the monthly peak, around the 17.4260 region.
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