USD/MXN Price Analysis: Consolidates its recent slide to multi-year low, hovers around 16.75 – by hareshmenghani USDMXN Fed Technical Analysis Currencies
From a technical perspective, the decline witnessed over the past four months or so has been along a downward-sloping channel, which points to a well-established short-term bearish trend. Furthermore, the USD/MXN pair's inability to attract any meaningful buying suggests that the path of least resistance is to the downside. The negative
is reinforced by the underlying bearish sentiment surrounding the US Dollar , led by firming expectations that the Federal Reserve is nearing the end of its rate-hiking cycle.is already flashing oversold conditions and warrants some caution before placing fresh bearish bets around the USD/MXN pair. Hence, any subsequent fall below the multi-year low, around the 16.70 region is more likely to find decent support near the lower end of the aforementioned trend-channel, currently pegged near the 16.
On the flip side, the 16.85-16.90 area now seems to act as an immediate hurdle ahead of the 17.00 round figure. This is followed by resistance near the 17.10-17.15 region, which if cleared might trigger a short-covering move and lift the USD/MXN pair beyond the 17.25 intermediate barrier, towards testing the 17.30-17.35 confluence. The latter comprises the ascending channel resistance and the 50-day Simple Moving Average and also nears the monthly swing high.
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