The USD/MXN consolidates within the 16.50/16.65 range for the latest five trading days. The Relative Strength Index (RSI) sees sellers' momentum fading, offering buyers an opportunity. The Mexican Peso is at levels last seen in eight years, making US Dollar longs more attractive, as the pair sits around last year's low.
If USD/MXN buyers enter, they must lift the exchange rate above the 16.70 area. Once cleared, the next stop would be the 50-day Simple Moving Average (SMA) at 16.94, with further upside seen at the 100-day SMA at 17.04, ahead of the 200-day SMA at 17.18
On the flip side, the USD/MXN might extend its losses if it remains below 16.62. A breach of the current year-to-date low of 16.51 can pave the way toward the October 2015 swing low of 16.32
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