As mentioned on Wednesday, “the USD/MXN is neutral to downwardly biased after buyers lifted the exchange rate to a weekly high of 16.94 before retreating beneath 16.80.” However, with the Mexican Central Bank decision looming, a quarter percentage rate cut could lift the exotic pair and break key resistance levels.
The first resistance would be the March 19 cycle high at 16.94, followed by the psychological 17.00 figure. Up next would be a busy area of dynamic supply zones, led by the 50-day Simple Moving Average (SMA) at 17.01, the 100-day SMA at 17.12 and the 200-day SMA at 17.20.
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