The USD/MXN is downwardly biased, though it appears to have bottomed out near 17.80. The Relative Strength Index (RSI) has edged up, but downside risks remain. If sellers push the prices below the current year-to-date (YTD) low of 16.76, that could pave the way for challenging last year’s low of 16.62.
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 17.23 and the 100-SMA at 17.24
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