USD/MXN: Holding above 20.00 is crucial to see a rebound towards 21.00 – SocGen

USD/MXN is in proximity to the 200-day moving average (DMA) at 20.00. While above here, the pair can march forward to the 21.00 level, then 21.60/68, economists at Société Générale report.

20.00 is first support

“So long as the 200-DMA at 20.00 is not violated, a deeper pullback may not materialize.”

“Holding above 20.00, USD/MXN could attempt a rebound towards 21.00 and perhaps even towards projections at 21.60/21.68.”