USD/MXN: September low of 17.00 could be a potential support – SocGen

USD/MXN hovers around 17.20. Economists at Société Générale analyze the pair’s outlook.

200-DMA near 17.60 could cap near-term upside

USD/MXN has staged a steady down move after facing stiff resistance near the trend line drawn since November 2021 at 18.48/18.60. Re-integration within previous base denotes upward momentum has disappeared. 

The pair is close to September low of 17.00 which could be a potential support. 

The 200-DMA near 17.60 could cap near-term upside. 

Below 17.00, next objectives are located at 16.60 and projections of 16.05/15.92.