The USD/MXN remains under pressure after confirming a breakdown of a consolidation of several months. With a rounded roof in its place and limited resistance in 19.44, the torque seems to be prepared to resume its bearish tendency towards key support levels, says the FX analysts of Société Générale.
The resistance at 19.44 remains firm
“The USD/MXN formed a rounded roof and broke down a consolidation of several months, which resulted in a constant bearish trend. The fall has stopped after reaching an interim minimum about 18.82. The pair has had difficulty overcome the recent maximum pivotant of 19.44, which remains a short -term resistance.”
“The downward movement phase will probably extend. The next objectives are found in the minimum of August 2024 of 18.60/18.41 and the projection in 18.15.”
Source: Fx Street
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