Technical analysis: USD/MXN drops into new lows as Peso finds bullish bids

The Mexican Peso (MXN) is climbing on Monday, driving the USD/MXN pair down below the 17.00 handle for the first time since mid-January. The pair is down nine-tenths of a percent from last week’s peak bids near 17.12.

USD/MXN is on pace to close in the red for a third consecutive trading day, and bids are tumbling into chart territory last seen in January. 2024’s technical floor sits at January’s swing low into the 16.80 handle, and the pair continues to drop away from the 200-day Simple Moving Average (SMA) at 17.25