USD/MXN has successfully defended its 200-day moving average near 20.20/20.10 resulting in a rebound. Economists at Société Générale expect the pair to lurch higher towards the 21.60/68 region.

Break below 20.10 to signal a deep downfall

“USD/MXN is expected to head higher gradually towards the recent high of 21.00 and projections of 21.60/21.68.”

“Only a break below 20.10 will mean a deeper pullback.”