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USD/MXN fails to clear 200-day average, peso downside persists

Societe Generale says the pair is testing the lower end of a multi-month range, with resistance near 17.17 and downside objectives at 16.65 and 16.50 to 16.25.

Reported · Written up by our desk · Major Pairs

Societe Generale analyst Kenneth Broux said USD/MXN failed to clear its 200-day moving average, a development that keeps downside momentum in place for the Mexican peso against the US dollar.

The pair is attempting to break the lower end of a multi-month trading range, with resistance identified near 17.17.

Broux pointed to a risk that inability to overcome that level could extend the decline, while projected downside objectives are cited at 16.65 and 16.50 to 16.25.

The note also said carry demand and low volatility continue to support the peso in the broader emerging market space.

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