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USD/MXN reclaims 200-DMA after breaking key descending trend line

Societe Generale analysts say the pair needs to hold above 17.40/17.35, with upside hurdles near 17.68 and around 17.80.

Reported · Written up by our desk · Major Pairs

Societe Generale analysts, including Kenneth Broux, said USD/MXN has broken above a multi month descending trend line and reclaimed its 200 day moving average for the first time since April 2025.

They view the move as early evidence that upward momentum may be returning, with a broader uptrend possible if the pair holds above 17.40/17.35.

The analysts pointed to the June peak near 17.68 and projections around 17.80 as the next potential hurdles.

In Latin America, Societe Generale also expects Mexico’s central bank, Banxico, to leave the policy rate unchanged at 6.5%, citing a data dependent message that weighs improving core inflation against softer growth and a more challenging external backdrop tied to higher US rates and uncertainty.

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