The USD/MXN has decisively broken below its range of several months about 19.85/20.00, confirming a rounded roof and exposing the torque to a higher decline. Prices are now approaching a key support line of support about 19.00/18.90; The inability to stay here risks an acceleration around 18.60 and even 18.15. A short -term rebound is possible, but it will probably be limited in 19.44, the FX analysts of Société Générale indicate.
The key trend support about 19 in the focus while the USD/MXN extends its fall
“The USD/MXN formed a rounded roof and broke the lower limit of its range of several months (19.85/20.00), which denotes a downward potential. It has experienced a constant downward movement after this break and now it is approaching an ascending line of ascending trend since April 2024 about 19.00/18.90, which could be an interim support.”
“You cannot rule out a short -term rebound, but the recent maximum pivoting in 19.44 can limit the rise. The inability to defend 19/18.90 can lead to a persistence in the fall towards projections of 18.60 and 18.15.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
