USD/MXN remains under pressure after breaking down from a multi-month consolidation, with the pair still lacking signs of a meaningful rebound as it grinds toward fresh lows, Société Générale's FX analysts note.
Peso extends gains, next support at August lows
"USD/MXN formed a rounding top and broke down from a multi-month consolidation, triggering a steady downtrend. The decline appears somewhat extended but, there are no clear signals of a significant rebound at this stage."
"The downtrend is likely to continue; next objectives could be situated at the August 2024 lows of 18.41 and projections at 18.15. The recent pivot high at 19.15/19.34 is a short-term hurdle."
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