USD/MXN must re-establish above 17.50 to affirm an extended bounce – SocGen

Market news

6 July 2023

USD/MXN must re-establish above 17.50 to affirm an extended bounce – SocGen

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.

EUR/USD Price Analysis: Temporary contention is seen near 1.0820

USD Index Price Analysis: Next on the upside comes 103.50

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