USD/MXN Price Analysis: Languishes near multi-year low, seems vulnerable below mid-17.00s USDMXN Technical Analysis Currencies
d on Monday. The pair remains confined in a narrow band, around the 17.30-17.25 area, through the Asian session on Tuesday and the lack of any buying interest suggests that the downward trajectory witnessed over the past three weeks or so is still far from being over.
From a technical perspective, the USD/MXN pair has been drifting lower along a downward-sloping channel extending from the vicinity of the 18.00 mark touched on May 23. This points to a well-established short-term bearish trend and supports prospects for a further depreciating move. That said, the Relative Strength Index on the dailyHence, it will be prudent to wait for some near-term consolidation or a modest recovery before placing fresh bearish bets around the USD/MXN pair.
On the flip side, any meaningful recovery attempt is likely to confront stiff resistance ahead of the mid-17.00s, representing the top end of the aforementioned channel. A sustained strength beyond might trigger a short-covering rally and lift the USD/MXN pair towards the 17.70 intermediate resistance en route to the 18.00 round figure. The latter should act as a pivotal point, which if cleared decisively will suggest that spot prices have formed a near-term bottom.
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