USD/MXN must overcome the 200-Day Moving Average (DMA) at 17.27 to confirm short-term up move, analysts at Société Générale say.
Break below 16.78 can lead to one more leg of downtrend
USD/MXN has recently carved out a higher trough at 16.78 as compared to the one last year near 16.60. An initial bounce has taken shape, but the pair continues to struggle at reclaiming the 200-DMA near 17.27. This hurdle must be overcome to confirm a short-term uptrend. Inability to cross the 200-DMA could result in persistence of decline.
Break below 16.78 can lead to one more leg of downtrend towards the last year low of 16.60/16.40.
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