USD/MXN stays below strain after breaking down from a multi-month consolidation, with the pair nonetheless missing indicators of a significant rebound because it grinds towards contemporary lows, Société Générale’s FX analysts observe.
Peso extends positive aspects, subsequent assist at August lows
“USD/MXN shaped a rounding high and broke down from a multi-month consolidation, triggering a gradual downtrend. The decline seems considerably prolonged however, there aren’t any clear indicators of a big rebound at this stage.”
“The downtrend is prone to proceed; subsequent targets could possibly be located on the August 2024 lows of 18.41 and projections at 18.15. The latest pivot excessive at 19.15/19.34 is a short-term hurdle.”
