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- USD/MXN Price Analysis: Mexican Peso retreats to 17.00 but bears are far from home
USD/MXN Price Analysis: Mexican Peso retreats to 17.00 but bears are far from home
- USD/MXN picks up bids to snap three-day downtrend at the lowest level in a fortnight.
- Firmer RSI, multiple supports around the 17.00 teased Mexican Peso sellers.
- Weekly resistance line, 200-HMA restrict immediate recovery while 17.33 holds the key to buyer’s conviction.
USD/MXN Price remains on the front foot around the intraday high near 17.10, printing the first daily gain in four amid early Wednesday. In doing so, the Mexican Peso (MXN) pair approaches the weekly resistance line surrounding 17.11 while justifying the upbeat RSI (14) line.
However, the 200-HMA and the previous support line from June 16, respectively close to 17.14 and 17.20, can restrict further upside of the USD/MXN pair.
Even if the
USD/MXN: Hourly chart
Trend: Limited recovery expected
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