Technical analysis: Mexican Peso climbs as USD/MXN tumbles below 17.70
The USD/MXN is downward biased despite Monday’s upward correction, which breached last Friday’s high of 17.80. Momentum is bearish, as depicted by the Relative Strength Index (RSI), but strong support is found at the 50-day Simple Moving Average (SMA) at 17.63.
In the outcome of a breach under the 50-day SMA, the first support would be the December 5 high at 17.56, followed by the 200-day SMA at 17.27. Further losses would test the 100-day SMA at 17.21.
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