USD/MXN: Below 16.40, next potential objectives situated at 16.10 and 15.90 – SocGen

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31 July 2023

USD/MXN: Below 16.40, next potential objectives situated at 16.10 and 15.90 – SocGen

The Mexican Peso is on track for a 7th successive higher monthly close, matching the run of 2008. Economists at Société Générale analyze USD/MXN outlook.

Break above 17.15 essential to denote a short-term uptrend

USD/MXN decline has gradually accelerated after it gave up the 50-DMA in March. The pair is not far from a multi-month descending trend line near 16.60/16.40. The move is a bit overstretched however signals of a meaningful rebound are not yet visible.

A break above the MA near 17.15 would be essential to denote a short-term uptrend.

Below 16.40, next potential objectives are situated at projections of 16.10 and 15.90.

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