Mexican Peso: Bullish trend resumes against US Dollar - Societe Generale

Societe Generale’s Kenneth Broux highlights that USD/MXN failed to clear its 200‑day moving average, keeping downside momentum intact. The pair is attempting to break the lower end of a multi‑month range, with resistance at 17.17 and projected downside objectives at 16.65 and 16.50/16.25. Carry demand and low volatility continue to support the Mexican Peso in broader EM space.

Range floor under pressure again

"USD/MXN struggled to overcome the 200-DMA in recent rebound attempt, indicating that downward momentum remains prevalent."

"The pair is attempting to break the lower limit of its multi-month range, highlighting that the downtrend may be resuming."

"The high achieved earlier this week at 17.17 is first resistance. An inability to overcome this may lead to an extension of the decline."

"The next objectives could be located at projections of 16.65 and 16.50/16.25."