Technical analysis: Mexican Peso advance continues as USD/MXN holds firm below 16.90

The USD/MXN downtrend remains intact, with sellers keeping the exchange rate below 16.90. If they push the pair below the year-to-date (YTD) low of 16.78, look for a deeper correction past last year’s 16.62 low. Initial targets are October 2015’s low of 16.32 and the 16.00 mark.

On the other hand, if buyers reclaim the 17.00 figure, that could open the door to testing the 50-day Simple Moving Average (SMA) at 17.05, followed by the 200-day SMA at 17.24 and the 100-SMA at 17.38