Mexican Peso (MXN) bucked weaker LatAm trend in the first week of 2024. Economists at Société Générale analyze USD/MXN technical outlook.

Next potential supports are at last year’s low of 16.60 and 16.40

USD/MXN has resumed its decline after testing the trend line drawn since 2021. Recent attempt of rebound has faltered near 200- DMA (17.42/17.55). Daily MACD is at a higher level as compared to November however signals of bounce are not yet visible in price action; the Moving Average near 17.42/17.55 must be overcome to denote a meaningful up move. 

Holding below recent pivot high of 17.10, the pair could head lower towards last year’s low of 16.60 and projections of 16.40/16.10.

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