The USD/MXN downtrend remains intact, but after refreshing year-to-date lows of 16.64, the exotic pair seems to be oversold. The Relative Strength Index (RSI) was below the 30.00 level but has pierced to the upside, signaling buyers could be gathering momentum. If that’s the case, they must reclaim January’s low of 16.78 so they can challenge the 17.00 figure.
Key resistance levels lie at the 50-day Simple Moving Average (SMA) at 17.04, followed by the confluence of the 200-day SMA and the 100-day SMA at 17.23.
On the other hand, and the path of least resistance, the pair could extend its losses below 2023’s low of 16.62, which could exacerbate a drop toward October 2015’s low of 16.32, followed by the 16.00 psychological level
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