USD/MXN traded below 17 on Wednesday. Economists at Société Générale analyze the pair’s technical outlook.
Signals of a meaningful rebound are not yet visible
USD/MXN has experienced a relentless downtrend after breaking below the sideways consolidation during 2021/2022. The move is a bit stretched however signals of a meaningful rebound are not yet visible.
Next potential supports are located at projections of 16.95 and 16.60/16.40.
The 50-DMA at 17.50 is short-term hurdle. The pair must re-establish above this to affirm an extended bounce.
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